Business Maverick: Fed Cuts Main Interest Rate to Near Zero, Vows Massive Bond-Buying Programme

Trump ‘Very Happy’

its GDP forecasts on Sunday. It’s now predicting zero growth in the first quarter and a 5% contraction in the second. “The Fed had to make this move, and waiting would have been a grave mistake,” said Michael Darda, market strategist at MKM Partners. “The problem is there is a tsunami coming and the Fed is likely to be overwhelmed by it, and the markets know that.”

“The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals,” it said.

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Business Maverick: Chinese Interest Rate UnchangedChina’s central bank added to its growing list of measures aimed at countering the economic fallout from the spreading virus, injecting $14.3 billion into the financial system.
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