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5:15 pm: Fed cuts rates to zero and launches a massive $700 billion quantitative easing program
The Federal Reserve, saying "the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States," cut interest rates to near-zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus.
Facing highly disrupted financial markets, the Fed also slashed the rate of emergency lending at the discount window for banks by 125 bps to 0.25%, and lengthened the term of loans to 90 days.
The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consume rates, will now be targeted at 0%-0.25%. βSteve Liesman
https://nu.federati.net/url/265649 [cnbc]
#COVID-19 #2019-nCoV #coronavirus #SARS-CoV-2 !econusa
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@Nobody [LinuxWalt (@lnxw48a1)] Maybe this time around it would have made sense to give the QE to the people. Half of that amount, 1000 USD/citizen, would have made a huge difference.
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@clacke Thinking about it, I don't think the Federal Reserve could legally do this. But Congress can (and should) send checks to help us all get through the current time of hardship.
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@lnxw48a1 @clacke
The so called "helicopter drop" may be gaining traction.
Nouriel Roubini on Twitter:
https://twitter.com/Nouriel/status/1239714263486337024
>The suggestion by me & others for an helicopter drop of 1K for each US resident is getting traction and broader bi-partisan support: Mitt Romney and his advisor Greg Mankiw; Jason Furman; and now even Larry Kudlow is open to the idea. Time for Congress to act before is too late!
LinuxWalt (@lnxw48a1) {3EB165E0-5BB1-45D2-9E7D-93B31821F864}
a Claes unto himself πΈπͺππ°ππ
GeniusMusing
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