Virus spread prompts Fed to slash rates in surprise move

Associated Press ^ | March 3, 2020 | Martin Crutsinger and Christopher Rugaber

[Olog-hai]

In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus.

Chairman Jerome Powell noted that the coronavirus “poses evolving risks to economic activity.”

It was the Fed’s first rate cut since last year, when it reduced its key short-term rate three times. It is also the first time the central bank has cut its key rate between policy meetings since the 2008 financial crisis and the largest rate cut since then. […]

The group of major industrial countries, referred to as the G-7, said it was “ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy.” The joint statement from the United States, Japan, Germany, Britain, France, Italy and Canada followed an emergency conference call among the finance ministers and central bank presidents, led by Powell and U.S. Treasury Secretary Steven Mnuchin. …

[Jane Long]

In before the It’s Just the Flu crowd.

Seriously....when did Fed ever cut rates for JTF?

[RummyChick]

On Fed Wednesdays it’s often said the first reaction is the wrong reaction.

So far we saw it zoom, back off, and come back up somewhat again. Will be interesting to see where it goes from here. You only have two hours on Wednesdays. We have 5 1/2 hours to go

[Codeflier]

It isn’t because of the virus. It is because of the irrational panic response bringing the gears of the economy to a halt.

[Jane Long]

Or....maybe because of the effect this virus will have on our supply chains.

[oincobx]

So is it the new normal that Fed cuts rates anytime the stock market falls from record highs. This is a largely a supply side shock. How do lower rates get more goods out to come out of China?

[BlackAdderess]

JTF in China in a globalist nightmare that never learned its lesson from the Irish Potato Famine.

[Jane Long]

Ping.

[BlackAdderess]

Too many people put all their supply chain eggs in one Chinese basket, despite POTUS’s warnings.

[JoSixChip]

In before the It’s Just the Flu crowd.

Seriously, you too?

[Codeflier]

...because of panic.

[null and void]

It's just the flu...

Bring Out Your Dead

Post to me or FReep mail to be on/off the Bring Out Your Dead ping list.

The purpose of the “Bring Out Your Dead” ping list (formerly the “Ebola” ping list) is very early warning of emerging pandemics, as such it has a high false positive rate.

So far the false positive rate is 100%.

At some point we may well have a high mortality pandemic, and likely as not the “Bring Out Your Dead” threads will miss the beginning entirely.

*sigh* Such is life, and death...

If a quarantine saves just one child's life, it's worth it.

[Moonlighter]

Even then, it sounds as if things in China are getting back on track.

[BlackAdderess]

Well they are sending the Ulghar slaves into the factories to keep things going.

[Jane Long]

:-)

[JoSixChip]

Take me off your silly fear mongering list. I have enough trash on my ping list.

[DannyTN]

They are now the “It’s just a cold” crowd.

Idiots!

[taxcontrol]

I submit that the fed was looking for a reason and coronavirus is just a good excuse.

[null and void]

No can do, you are NOT on the ping list, and AFAIK, never have been.

I will endeavor to not respond to any of your posts in the future.

Best I can do...

[Truthoverpower]

I love your “bring out the dead” post