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"The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be," said Kristalina Georgieva
G-20 countries are employing everything from short-selling bans to tax deferrals to cushion against a looming economic recession.
Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of stimulus measures by central banks
Goldman Sachs, JPMorgan, and 6 other banks suspend share buybacks to deal with ‘unprecedented challenge’ from the coronavirus outbreak
The announcement from the big lenders comes just as the Fed announced a 100-basis-point rate cut to near zero.
Here’s why global stocks are plunging despite the ‘big bazookas’ from central banks around the world
"Until we see an end in sight for the virus and the number of infections globally peak, markets are going to be extremely volatile," said one analyst.
The ECB announced a temporary asset purchase of 120 billion euros until the end of this year to tackle "heightened uncertainty."
The sharp rise in rate cut expectations came as COVID-19 sparked fears about a potential downturn in the largest economy.
G7 countries vowed to combat economic pain from coronavirus. But they stopped short of specifics, leaving analysts skeptical.
"This is a disappointment compared to previous hopes of an immediate and coordinated fiscal package and interest rate cuts," one analyst said.
Policymakers and businesses have scrambled to contain the spreading virus, which has raised serious red flags around the global economy.
Powell said the fundamentals of the US economy remained strong but signaled that the central bank was open to a rate cut if necessary.