In a bid to mitigate slow economic growth resulting from the coronavirus pandemic, the Fed on Sunday announced a 100-basis point interest rate cut, taking rates basically down to zero, their lowest since 2015. The central bank also unleashed a massive $700 billion quantitative easing program.
Investors seemingly baulked at what could be seen as the Fed’s last roll of the dice as fears of a global recession take hold, with Dow futures plunging more than 1,000 points to hit their “limit down” level. Meanwhile, cases in the U.S. and around the world continue to escalate.
Confirmed cases stateside now sit at 3,774, with 69 deaths, according to Johns Hopkins University, and New York City is now limiting restaurants and bars to takeout and delivery services.
Auctions will be held Monday for $42 billion of 13-week Treasury bills and $36 billion of 26-week bills.