Stocks dropped and the US dollar soared on Thursday as coronavirus fears overpowered stimulus efforts.
The European Central Bank unveiled a bond-buying program worth 750 billion euros, or $814 billion, on Wednesday. President Donald Trump signed a coronavirus relief bill into law, expanding unemployment insurance and granting sick leave to hourly employees. However, volatile markets and fears of a global credit crunch drove investors to US dollars, pushing the British pound to a 35-year low.Stocks dropped and the US dollar soared on Thursday as investors doubted central banks and governments would succeed in stopping the novel coronavirus from choking the global economy., or $814 billion, buying private and public bonds.
"Extraordinary times require extraordinary action," ECB President Christine Lagarde said, emphasizing that there were"no limits" to her commitment to the euro.
There's no stimulus that can overcome this. Not sure why this money isn't going directly to consumers. I think 50% unemployment is probably around the corner.
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