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In emergency pandemic move, Fed cuts rates
to zero and will purchase $700B in bonds

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Posted By: Imright, 3/15/2020 5:43:30 PM

The Federal Reserve lowered its interest rate target to zero and announced large purchases of goverment bonds Sunday to protect the economy against the coronavirus pandemic."The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook," the central bank's monetary policy committee said in an unscheduled statement. The Fed will also purchase $700 billion in goverment-backed bonds in the "coming months," a move it said was meant to ensure the functioning of financial markets. The statement said that the central bank would leave short-term interest rates at a range of between zero and 0.25% until "it is confident that

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Reply 1 - Posted by: voxpopuli 3/15/2020 5:49:49 PM (No. 347387)
this is not only going to help OUR markets, it will pretty much DESTROY the Commie EU markets.. they have created the fake PANIC in order to force US to send THEIR doddering commie governments OUR money.. not gonna happen.. THEIR economies were struggling before last month.. i see their proletariat masses rising up against their masters and throwing off their chains..
12 people like this.

Reply 2 - Posted by: HammerDax56 3/15/2020 5:53:50 PM (No. 347394)
In other news, Rubicon crossed and babies thrown out with bath water
4 people like this.

Reply 3 - Posted by: davew 3/15/2020 6:08:51 PM (No. 347411)
The Fed has just gone "all in" in the stakes to avert any market disruptions due to credit problems with banks and their corporate borrowers. Its a very short term bazooka to kill any doubt that markets can get the capital they need. As with the financial crisis in 2008, extraordinary circumstances sometimes require extraordinary measures to avert greater damage. Unlike the financial crisis, the Fed's actions do not create a "moral hazard". The financial crisis was triggered by errors in risk management analysis by mortgage bankers that created fraudulent financial instruments. Bailing out the banks was morally hazardous because it undermined the normal market process of punishing such bad judgement. They did it anyway because the consequences of doing nothing to the workings of the rest of the economy would have been worse. The impact of the coronavirus was a risk that was an "act of God" that the airlines and other travel industry businesses had no control or influence over. Providing them economic assistance is the same as FEMA helping business that have been destroyed by tornadoes or floods. It is a way of spreading the pain and loss over a larger pool for the benefit of many.
9 people like this.

Reply 4 - Posted by: Plex 3/15/2020 6:15:57 PM (No. 347422)
What does this do to us old folk living on bond interest? That is unless the virus takes us.
10 people like this.

Reply 5 - Posted by: DVC 3/15/2020 7:54:52 PM (No. 347486)
Thinking hard about refi on house.
3 people like this.

Reply 6 - Posted by: stablemoney 3/15/2020 8:21:33 PM (No. 347516)
At zero interest rates the energy companies need to borrow all they can and buy back their stock. It's a no brainer.
1 person likes this.

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