Fed, not waiting until meeting, slashes rates to zero and restarts QE

[kpete]

Throwing proverbial kitchen sink due to ‘challenging period’ ahead for economy

The Federal Reserve on Sunday threw in the proverbial sink to limit the expected slowdown from the coronavirus.

In a rare Sunday decision that comes only days before their formal meeting, the central bank slashed its benchmark interest rate to zero and implemented a bond-buying program of at least $700 billion.

In a statement, the Fed said the economy faced a “challenging period.”

The Fed cut its key benchmark rates by 100 basis points to a range of zero to 0.25%.


https://www.marketwatch.com/discover?url=https%3A%2F%2Fwww.marketwatch.com%2Famp%2Fstory%2Fguid%2F0634dbb2-6707-11ea-9596-8a889527719f&link=sfmw_tw#https://www.marketwatch.com/amp/story/guid/0634dbb2-6707-11ea-9596-8a889527719f?mod=dist_amp_social


Update: my first born says THEY SHOULD HAVE JUST SENT US ALL THE $$$

[zackymilly]

1. Not working. Futures are down over 1000 points right now. n/t

[Maeve]

2. And now they have nowhere to go when this doesn't work

[Canoe52]

5. They can maybe go into negative interest rates, where they pay you to borrow money?

[Cosmocat]

9. Yep

nm

[EarthFirst]

3. Futures respond with -4.5%

https://money.cnn.com/data/premarket/

[Thomas Hurt]

4. I can hear it now, "if only they would have listened to King Donnie before!"

Now the amoral pig gets what he wants, but is it going to help any?

Oh goodie, interest rate is at zero, that means I can get a nice loan to start a business when there is slump in demand for just about everything...

[smirkymonkey]

6. How low can we go?

[Generic Brad]

7. Markets and banks hate, hate, hate surprises

That moron just triggered a depression and hyperinflation. Plus he removed reserve requirements for financial institutions. If there is an Enron level collapse (which I guarantee you will happen within the next few months) the whole system crashes and the Fed has no more moves they can make to calm things down.

This is a fuck up of such epic proportions that he will be forced to resign.

[defacto7]

8. He won't resign.

[wishstar]

11. McConnell left Pelosi to come up with plan so Trump can blame her

just like the Fox Repub crowd all blamed Barney Frank and Dems for the Bush debacle

[ooky]

12. If all that happens he'll still have 40-45% approval rating

and continue squatting in the White House.

[roamer65]

10. Negative interest rates here we come.

They are going to make it painful to save money.