Federal Reserve launches 'unlimited QE', but Wall Street slides – business live

US central bank has produced its biggest bazooka yet, promising massive new support for the American economyLatest: US Fed announces new measuresFed pledges unlimited QE to support economyExperts: A massive move by US central bankEarlier:UK shoppers desert high streetUK rail franchises nationalisedCoronavirus – global live updatesSee all our coronavirus coverage 1.56pm GMT Here’s our US business editor Dominic Rushe on the US central bank’s latest bazooka:The US Federal Reserve has launched an aggressive plan to buy as much government-backed debt as it needs to keep financial markets functioning as plans for a $1.8tn plus bailout of business and consumers stalled in Congress.The central bank announced a series of programs on Monday aimed at supporting large and small businesses already reeling from the economic blow of coronavirus.Federal Reserve launches aggressive plan to buy government-backed debt https://t.co/6IYXF008Lt 1.53pm GMT Wall Street’s reluctance to rally is rather worrying….It’s now become scarily repetitive. Fed or the U.S. government or another govt. announces a big bazooka stimulus. Stocks go up for a bit and then fall with a vengeance. Same story today. S&P 500 -3% after Fed announced unlimited QE.This beast has a mind of its own. #marketcrashAnd the market open may have just sent a loud message to Congress:”Yeah, we saw what the Fed did. NOT ENOUGH! Or…….the number of (mostly retail) no-limit sell orders at the open was overwhelming.Bond market reacting accordingly, for now.So the Fed throws the kitchen sink at help for struggling companies and financial markets. US market opens lower. We are not in a good space Continue reading…
Via: Federal Reserve launches 'unlimited QE', but Wall Street slides – business live