Is anyone really surprised?
The Federal Reserve’s emergency rate failed to calm skittish investors.
U.S. equity markets tumbled and the 10-year Treasury yield hit a record low after Chairman Jerome Powell explained the intra-meeting rate cut was designed to cushion the economy from any coronavirus-related fallout.
The Dow Jones Industrials sank nearly 800 points or 3 percent and traded in a more than 700-point range, swinging between gains and losses, as investors digested the Fed’s move.
The S&P 500 and the Nasdaq also lost close to 3 percent.