REUTERS: Wall Street looked set to crater on Monday after the Federal Reserve's aggressive move to cut interest rates to nearly zero heightened fears of the economy tipping into a coronavirus-driven recession.
Central banks in Japan, Australia and New Zealand joined the Fed in announcing dramatic monetary easing in a co-ordinated effort not seen since the 2008 financial crisis, but failed to shore up global investor sentiment. The extent of the Fed's action, taken ahead of its scheduled meeting set for Tuesday and Wednesday, spooked investors following Wall Street's attempt at a rebound on Friday as President Donald Trump declared a national emergency and earmarked US$50 billion in fiscal aid."We're facing the loss of credibility of the central bank from a market perspective," said Michael O'Rourke, chief market strategist, Jonestrading, Stamford, Connecticut.At 6:44 a.m.
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