Brace yourself for another tough week

The equity markets continue tanking amid panic over the coronavirus pandemic.

In an emergency intervention, the Fed announced yesterday that it has cut its policy rate by 1% to a range of 0–0.25% — the lowest level since 2015. It also launched a $700 billion QE program while pledging to buy at least $500 billion of Treasurys and $200 billion of mortgage-backed securities issued by government-sponsored enterprises.