Wall Street tumbles after Fed surprise rate cut

  
Via:  john-russell  •  one month ago  •  17 comments

Wall Street tumbles after Fed surprise rate cut

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Wall Street tumbles after Fed surprise rate cut


March 3 (Reuters) - Wall Street tumbled in a volatile session on Tuesday after the Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy.

All three major U.S. stock market indexes dropped more than 3% after the Fed's first emergency rate cut since the 2008 financial crisis.

The rate reduction underscored the Fed's concern about the coronavirus that has spread around the world after emerging late last year in China. It came two weeks ahead of a scheduled policy meeting, where traders had fully priced in a 50 basis point cut.

Stocks had initially jumped more than 1%, but then dropped as traders worried whether pumping more money into financial markets would address the central problem - a drop in business activity as workers and consumers stay home.

"The rate cut underscores the magnitude of the problem that the global economy is facing," said Peter Kenny, founder of Kenny's Commentary LLC and Strategic Board Solutions LLC in New York.

"Normally, markets would welcome a rate cut, and they were hoping for it. Now that we've got it, the question is, what's next?"


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JohnRussell
1  seeder  JohnRussell    one month ago

the basic idea seems to be 

"why did they cut the interest rate?" "the corona virus must be worse than they are saying"

 
 
 
PJ
1.1  PJ  replied to  JohnRussell @1    one month ago

It was a stupid panicked move so fat ass could say the economy is still doing well during his anti american rallies.

 
 
 
Texan1211
1.1.1  Texan1211  replied to  PJ @1.1    one month ago
It was a stupid panicked move so fat ass could say the economy is still doing well during his anti american rallies.

The President doesn't have any control of the Feds setting rates.

And the stock market, despite its recent slump, is still over 5000 points higher than when Trump was inaugurated.

Man, that sounds just fucking terrible!

 
 
 
Tacos!
1.1.2  Tacos!  replied to  PJ @1.1    one month ago

Because suddenly today, for the first time ever, the Fed has decided it wants to support the Trump administration???

 
 
 
JohnRussell
1.1.3  seeder  JohnRussell  replied to  Tacos! @1.1.2    one month ago
Because suddenly today, for the first time ever, the Fed has decided it wants to support the Trump administration???

freaked everybody out, did it? 

 
 
 
Texan1211
1.1.4  Texan1211  replied to  Tacos! @1.1.2    one month ago
Because suddenly today, for the first time ever, the Fed has decided it wants to support the Trump administration???

Probably the next thing claimed by the Trump-haters.

 
 
 
Dean Moriarty
1.1.5  Dean Moriarty  replied to  PJ @1.1    one month ago

Trump wanted a bigger cut, he's not happy either. He said they didn't do enough. 

 
 
 
katrix
1.1.6  katrix  replied to  Dean Moriarty @1.1.5    one month ago

Fed cuts aren't going to make a difference to the stock market if people stop traveling, eating out, shopping, and such.

 
 
 
Donald J. Trump Fan #1
1.2  Donald J. Trump Fan #1  replied to  JohnRussell @1    one month ago

Today’s tumble was much more like it...

 
 
 
JohnRussell
2  seeder  JohnRussell    one month ago

Market is down 800 pts on a day it was supposed to continue rallying

 
 
 
Donald J. Trump Fan #1
2.1  Donald J. Trump Fan #1  replied to  JohnRussell @2    one month ago

It’s up 1700 points this week so far

 
 
 
Texan1211
2.2  Texan1211  replied to  JohnRussell @2    one month ago

Did you panic sell?

Cause it is back up big time today.

 
 
 
Kavika
3  Kavika     one month ago

Yes with the cut one would have thought that it would at least break even. 

 
 
 
Tacos!
4  Tacos!    one month ago

I'm no financial expert, but how would a rate cut impact the current crisis? Not everything is about interest rates.

 
 
 
WallyW
4.1  WallyW  replied to  Tacos! @4    one month ago

Some leftwing loons are trying to start a panic..

 
 
 
katrix
4.1.1  katrix  replied to  WallyW @4.1    one month ago
Some leftwing loons are trying to start a panic..

So the Fed is a leftwing loon?

Trump wants to lie to the public, and you consider those telling the truth as "trying to start a panic." I guess you never learned about the Spanish Influenza and how government withholding information caused lots of deaths.

But you'll support your orange idiotic snowflake literally to your death, it seems.

 
 
 
Tacos!
4.1.2  Tacos!  replied to  katrix @4.1.1    one month ago
But you'll support your orange idiotic snowflake literally to your death, it seems.

So, you are looking to use this outbreak as a tool to attack Trump? Because nothing about this story is directly connected to Trump, yet here you are trying to make a connection.

 
 
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