The U.S. Federal Reserve slashed rates back to near zero, restarted bond buying and launched other measures from its crisis-era toolkit, along with other central banks, to put the floor under a rapidly disintegrating global economy assailed by efforts to contain the escalating coronavirus pandemic.
The Federal Reserve cut interest rates for the second time in less than two weeks on Sunday in an emergency move to help shore up the U.S. economy amid the rapidly accelerating global coronavirus pandemic.
(Bloomberg) — The Federal Reserve swept into action on Sunday in a new bid to save the U.S. economy from the fallout of the coronavirus, cutting its benchmark interest rate by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion.The central bank also announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent. In addition, the Fed united with five counterparts to ensure dollars are available around the world via swap lines.Fed Chairman Jerome …read more […]
U.S. President Donald Trump said the Federal Reserve’s decision on Sunday to cut interest rates was “good news” and “makes me very happy” as he congratulated the central bank for taking further action aimed at helping shore up the U.S. economy amid the global coronavirus pandemic.
Under Armour is closing all its U.S. retail stores through March 28, and says store employees will still get paid during this time. …read more […]
With supermarkets stripped of food and many other essentials, consumer product companies halted factory runs of niche items such as scented bleach in order to speed up production of more basic merchandise that is in high demand.
NEW YORK/LOS ANGELES (Reuters) – With supermarkets stripped of food and many other essentials, consumer product companies halted factory runs of niche items such as scented bleach in order to speed up production of more basic merchandise that is in high demand. Brick-and-mortar retailers have warned that hoarding toilet paper, cleaning supplies and food staples was fueling shortages. As the fast-spreading coronavirus continues to alarm consumers across Europe and the United States, Trump held a phone call on Sunday with 30 executives from grocery stores including Amazon.com’s Whole Foods, Target Corp , Costco Wholesale Corp and Walmart …read more […]
(Bloomberg) — The dollar weakened after the Federal Reserve slashed U.S. interest rates to zero, in a shock move aimed to cushion the world’s largest economy from the impact of the coronavirus.The Federal Reserve on Sunday cut its benchmark rate by a full percentage point to near zero and will boost its bond holdings by $700 billion. The central bank also announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent.The New Zealand dollar was lower following that country’s emergency interest-rate cut earlier. Europe …read more […]
The spread of the COVID-19 pandemic is leading stores to sell out of hand sanitizer, canned food, fresh food, toilet paper and cleaning supplies. …read more […]
Federal Reserve makes announcement before markets open. …read more […]
Goldman Sachs Group Inc has downgraded its U.S. growth forecast for the first and second quarters in the wake of the economic fallout from the coronavirus outbreak.
Volkswagen is preparing to suspend operations at its manufacturing plant in Bratislava, the company said on Sunday, after Slovakia declared a state of emergency due to the coronavirus outbreak.
(Bloomberg) — If traders hoped Friday’s turnaround would prove more than a moment of relief for the world’s shell-shocked markets, early trading in volatile currency markets showed any sense of stability is likely to be fleeting.The New Zealand dollar plunged to its lowest since May 2009 in early trading Monday after the nation’s central bank unexpectedly cut rates. Australia’s currency — which tends to rise and fall with risk appetite — slid to its weakest since 2008 and the Norwegian krone posted a fresh record low versus the greenback. Meanwhile, the yen strengthened.The options market signaled that currency volatility remains …read more […]
Sanders stages last-ditch fight with Joe Biden. Image: Chip Somodevilla/Getty Images …read more […]
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