Federal Reserve Board Chairman Jerome Powell testifies during a hearing on"The Semiannual Monetary Policy Report to the Congress," in front of the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on February 12, 2020 in Washington, DC.Stocks were a sea of red on Thursday after investors were spooked by warnings from a number of Federal Reserve speaker that US economy needs stimulus to continue to recover.
Federal Reserve Chairman Jerome Powell said more stimulus is needed while the Fed's vice-chair Richard Clarida said Wednesday the pandemic has put the US in a"deep hole" and the economy needed Congress to approve additional fiscal support.Jeffrey Halley, senior market analyst at OANDA, said:"It is clear from the price action across markets overnight that the slump in equities has sparked a general move out of other asset classes and into US cash.
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