‘The Fed’s Tools Are Imperfect.’ Why the Surprise Interest Rate Cut Can’t Fully Prevent a Coronavirus Downturn
Federal Reserve Chair Jerome Powell pauses during a news conference, Tuesday, March 3, 2020, to discuss an announcement from the Federal Open Market Committee, in Washington. In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point in an effort to support the economy in the face of the spreading coronavirus. — The Federal Reserve’s strategy to combat the coronavirus outbreak and its impact on financial markets and the longest U.S.
Rather, the shock is just how decisively the Fed chose to respond after signaling little urgency just a few days ago. As I wrote recently, a range of central bankers had been parroting the line that it was too soon to judge the economic fallout of the spreading coronavirus. The first question asked of Powell at his press conference on Tuesday was, “What changed?” He couldn’t really answer, other than “we saw a risk to the outlook for the economy and chose to act.
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Surprise Rate Cuts Are No Miracle CureThe Federal Reserve announced a rate cut Tuesday to help the economy in the fight against the coronavirus. But jdlahart explains why the central bank’s move is no miracle cure. WSJWhatsNow jdlahart Well, yeah, what would have helped is making hysteria-spreading a criminal offense. We owe economic impact largely to mass-media and not to the virus itself. jdlahart How much air can fit in one balloon? jdlahart I’m surprised but it’s definitely needed right now.
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Watch Fed Chairman Jerome Powell discuss the emergency rate cut on coronavirus threatFederal Reserve Chair Jerome Powell is holding a brief news conference following the surprise rate cut on Tuesday. later on cnbc: jim cramer explains why washing your hands is a terrible idea Trump owns the Fed too. Powell afraid of Trump tweets like everyone else in government Wrong for the feds to Step in.CNBC your Doing a Disservice to the American people. CNBC it’s your Fault you are not making a case why this is wrong do that we as Americans are pissed off at your media coverage. Stop advocating for a BandAid solution. Stop lying. You’re hurting us
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Dow plummets despite Fed's emergency rate cut over coronavirusThe Federal Reserve announced a surprise rate cut of half a percentage point on Tuesday in an effort to mitigate the economic impacts of the coronavirus outbreak on the U.S. economy. Despite that emergency cut, the Dow Jones Industrial Average plummeted by 785 points by the time markets closed Tuesday Interest rate cuts do not cure Corona or calm fears. Oh, shoot. That didn’t work! NOW what do we do? Ask, Donnie the Great!
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