Historic Fed boost fails to stop Wall Street's virus-driven sell-off
Source: Reuters
BUSINESS NEWS MARCH 23, 2020 / 5:35 AM / UPDATED AN HOUR AGO
(Reuters) - Wall Street’s slide deepened on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, overshadowing unprecedented moves by the U.S. Federal Reserve to shore up credit across the economy.
After recently cutting interest rates to near zero, the Fed will now lend against student loans and credit card loans, as well as back the purchase of corporate bonds and make direct loans to companies.
Announcement of the extraordinary measures briefly lifted U.S. stock index futures before Monday's trading session began, but the mounting death toll from COVID-19 and a tide of lockdowns more U.S. states quickly sent the main indexes into the red, putting the S&P 500 .SPX on pace for its worst month since World War Two.
“What the Fed did is important because it does help in the credit markets. But it’s not enough from an equity market perspective,” said Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee. “What we now need is leadership out of Congress to pass some sort of stimulus bill, because what the Fed’s doing is relieving some problems, but it doesn’t do enough to solve to solve what’s out there.”
Read more: https://www.reuters.com/article/us-usa-stocks/historic-fed-boost-fails-to-stop-wall-streets-coronavirus-driven-sell-off-idUSKBN21A198
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We need a relief from the debt associated with the wall street scam.................and mortgage, renter, student, credit card and card payments...................
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