Amid a tumbling stock market and questions about how the White House is handling the coronavirus, Fed Chair Powell says the virus 'poses evolving risks to economic activity.'
'The Federal Reserve is closely monitoring developments and their implications for the economic outlook,' Powell noted.
Markets are currently pricing in a 0.5 percent rate cut at the next Fed meeting, on March 17-18, according to the CME Group's FedWatch Tool.While some analysts say a lower rate would calm Wall Street and encourage spending, other economists argue that the Fed's policy toolbox can only go so far to mitigate the economic fallout.
"It's hard to fix a real problem with monetary policy," Bryan Routledge, an associate professor of finance at Carnegie Mellon University, told NBC News."It's hard to fix a lack of physical goods with monetary policy. When you have factory workers not going to their jobs, that's not something you can fix with short-term interest rates."Read more: NBC News »
Trump, Biden clash in final debate on COVID-19 response, health care, race
President Donald Trump and former Vice President Joe Biden faced off in the final presidential debate of the 2020 election from Belmont University in Nashville Thursday.
hughhewitt Shouldn't that be obvious? What exactly does that equate to? It's a weird situation. This affects stocks but not so much the American economy. It's not like the housing bubble where there were hard assets that failed because of the stock drop. Pushing panic in the market place does has a larger effect and that is what a lot of this talk is doing when we know from past experience this will run it's coarse in a short period of time if we keep our heads which is what President Trump has suggested instead of creating panic
Thank you Mr. Completely worthless FED chair. Millions of dollars wasted on the FED for absolutely nothing. Stocks down...cut rates and repo. Raise rates and stocks down...hold rates. Monkeys could do their job. Wait, are you sure he didn’t call it “a hoax”? Because that’s what they’ve been instructed to say by Fat Nixon. TrumpLiesAboutCoronavirus TrumpVirus
The only risks to economic activity are coming from the fear mongering Democrats and lame stream fake news. They love to keep their peeps under their control and to make them feel endangered and protected by only them. What do you call that kind of mentality? What about people? Do they care about the people dying or just their money?
The CDC needs to release the “test kits” results, so the public knows there is not a severe outbreak! Why won’t the capital and White House not release the results? march4progress No kidding 🙄 hughhewitt Other than an all out travel ban what should Trump be doing differently? Coronavirus got nothing on SenSanders There is the real threat to the global economy. DemsAreLyingHypocrites demsaretrash
The Fed has already bent over backwards to keep Trump's economy up. Time for a correction was coming regardless of a threat of pandemic.
Fed chair Powell: Will 'use our tools' to support economy from coronavirusFederal Reserve Chairman Jerome Powell pledges that the Fed will support the economy, an effort to ease fears and a strong signal of a likely rate cut. realDonaldTrump has the best people You mean selling of more of our Gold Reserves and bargain prices. You've already done that. We have a $25 trillion dollar war debt with no gold reserves left to back the note. what a joke. this really is NOT the time to start counting pennies...especially when we ALL know who holds the big BILLS.
Ex-Fed official Richard Fisher warns against Fed-to-the-rescue every time there's a crisis'I think the market is getting ahead of itself because the market is dependent on Fed largess,' Fisher said. Yes, stop with the rate cuts and money printing. It only helps the rich. True More like the fed can’t rescue us if there is another crisis. Which we are currently teetering on the edge of with COVIDー19, unresolved trade deal with China. Pending trade deals with the U.K. Low manufacturing numbers and the current liquidity crisis.
Fed's Powell says coronavirus poses 'evolving risks,' pledges to 'act as appropriate' for economyI don’t believe this is an int rate sensitive event. Lowering the fed rate will not get me out of my house to a restaurant if I fear 4 my life.The vacuum at the WH & their inability to tweet this away is on full display. Accurate info from Med professionals is required not T & P. Good. Powell is saying the right thing.
Coronavirus could drive the US economy into recession, ex-Fed chief Janet Yellen warns | Markets InsiderEx-Federal Reserve Chair Janet Yellen warned coronavirus could cause the US economy to shrink, according to Bloomberg. 'It's just conceivable th... Have to print money, eh? Finally money for all! 'Ex-Fed chief' Could?