Floored market clamors for measures beyond second rate cut

By Jennifer Kang
16 Mar 2020

The Federal Reserve cut rates for a second time this month on Sunday by 100bp, bringing the target range to near zero. Despite the central bank taking swift action to halt the market decline caused by Covid-19, sources are expecting a painful recession if fiscal policies are not implemented to blunt the impact to the most vulnerable parts of the economy.

The Fed first cut rates this year on March 3 by 50bp, bringing the target range for federal fund rates to 1%-1.25%. Following the announcement, market participants said they were anticipating another 50bp cut in 2020, as early as March or April, sensing that the 50bp cut was ...

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