SAN FRANCISCO/MEXICO CITY: The Federal Reserve may need to move aggressively to cut borrowing costs to cushion the economy from the rapid spread of the new coronavirus, in part because interest rates are already low and so is inflation.
Global central bankers, facing an economic threat from the virus, have for the most part taken a wait-and-see approach. On Thursday Chicago Fed President Charles Evans told a central banking conference in Mexico City that with limited room to cut interest rates and a downward pull on inflation,"policymakers must commit to provide extraordinary accommodation in order to meet their mandate."
Wall Street's main indexes accelerated a days-long tumble on Thursday, with the S&P 500 and Nasdaq dropping as much as 10per cent from their intraday record highs hit on Feb. 19, and the Dow Jones Industrials down as much as 10per cent from its Feb. 12 peak.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Traders betting Fed will slash rates amid coronavirus threatThe U.S. central bank will move to reduce borrowing costs as soon as next month to cushion the world's biggest economy from the impact of the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Too white, too male: Fed takes on diversity one bank board member at a timeThe Federal Reserve, long criticized for being too white and male, crossed a substantial milestone last year: for the first time in its 107-year ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Fed rate cut next month? Traders are betting on itThe U.S. central bank will move to reduce borrowing costs as soon as next month to cushion the world's biggest economy from the impact of the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Traders betting Fed will slash rates amid coronavirus threatThe U.S. central bank will move to reduce borrowing costs as soon as next month to cushion the world's biggest economy from the impact of the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Three more Chinese regions lower emergency response level as virus threat recedesSHANGHAI (REUTERS) - The northwestern Chinese regions of Inner Mongolia and Xinjiang and the southwestern province of Sichuan have downgraded their emergency response level after assessing that health risks from the coronavirus outbreak have receded, state media reported.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Coronavirus: Tourists in luxury Tenerife hotel amid virus fearsMADRID (BLOOMBERG) - Spanish authorities identified five new coronavirus cases and isolated about 1,000 guests and workers at a Canary Island hotel as it stepped up efforts to contain the spread of the disease.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »