Stocks Sag as Fed Cures Coronavirus by Cutting Rates ½ Percentage Point

by Wolf Richter
Wolf Street

Disappointed the Fed didn’t print antibodies?

Because “the coronavirus poses evolving risks to economic activity,” despite the “strong” fundamentals of the US economy, and despite stocks being off just 7.8% from all-time highs, the Fed’s FOMC announced during trading hours this morning, following the G-7 conference call, that it had voted unanimously to cut the target for the federal funds rate by half a percentage point to a range between 1% and 1.25%:

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