Zero rates, zero impact: Fed & co fail to calm markets [Reuters]
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Source: Reuters
Zero rates, zero impact: Fed & co fail to calm markets LONDON (Reuters) - Stock markets and oil prices continued to nose-dive on Monday after the second emergency cut in U.S. interest rates in as many weeks — effectively to zero — and supportive measures from all corners failed to quell coronavirus fears. Central banks across Asia and Europe also cut borrowing costs and pumped funds into the system in a bid to cushion the economic impact as the breakneck spread of the virus all but shut down more countries. But they had limited success in calming panicky investors. The volatility gauge for euro zone stocks, known as Europe’s “fear index” surged to record highs as the main European stock markets plunged nearly 8% in brutal opening trade, with Wall Street bracing for similar moves later. Fear still reigned. Europe introduced curbs on short-selling, while bond markets tried to juggle both the risk to vulnerable countries but also that a fiscal spending splurge might impact safe-haven deb
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