The Federal Reserve cut its key interest rate to near zero — a move not seen since the depths of the 2008 financial crisis.
Federal Reserve Chairman Jerome Powell has been a frequent target of President Trump, who has urged the central bank to slash interest rates more aggressively.Federal Reserve Chairman Jerome Powell has been a frequent target of President Trump, who has urged the central bank to slash interest rates more aggressively.
In early trading, Italy's FTSE MIB, France's CAC 40 and Germany's DAX were all down more than 8%, with London's FTSE 100 just behind, dropping more than 7%. The steep fall in Europe, which has become the new epicenter of the COVID-19 epidemic that started in China, came as Asian stocks also took a big hit. In Hong Kong, the Hang Seng index fell just over 4% and Japan's Nikkei 225 lost nearly 2.5%. The Shanghai Composite Index lost nearly 3.5%.
The drubbing for stocks follows the U.S. Federal Reserve's cut in its key interest rate to near zero, a dramatic move not seen since the depths of the 2008 financial crisis. The Fed's move was made in coordination with efforts to buttress the global economy by the Bank of England and the Bank of Japan.
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