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Former Fed Chairman Ben Bernanke told CNBC on Wednesday the central bank has acted with appropriate force to help the U.S. economy get ahead of the coronavirus and set the stage for a strong rebound once the disease abates.

“I think the Fed has been extremely proactive and Jay Powell and his team have been working really hard and got ahead of this,” he said. They “have shown that they can set up a whole bunch of diverse programs that can help us keep the economy functioning during the shutdown period so that when the all-clear is sounded ... we’ll see a much better rebound than we otherwise would.”

Financial markets have been under acute strain in recent weeks and have posted one of the largest sell-offs in modern times. The slide in the S&P 500 and Dow Jones Industrial Average has worsened to more than 30% in recent sessions as the coronavirus and measures to contain its spread worry investors that the U.S. could be headed for a recession.

The spike in volatility and steep equity losses have in turn forced the Federal Reserve to embark on a massive, trillion-dollar easing program to help ease stressed credit markets. The central bank announced Monday it will purchase corporate bonds and not just U.S. Treasurys, providing unprecedented support for investment-grade corporate debt.

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