The Fed and other central banks just blew a massive load of liquidity all over the markets and dumped the key interest rate on the deck.
The markets responded by another massive sell off to the tune of nearly 3,000 points on the Dow!
If that’s not the clearest indication the market has zero confidence in the government’s ability to respond to this crisis, I don’t know what is.
Maybe the administration might try for a day or so of reasoned commentary rather than the horrific knee-jerk and contradictory statements they’ve gone for so far.
What makes things worse is that now the Fed really has nothing else they can do. That’s why in the past that Greenspan et al resisted political pressure as much as possible to avoid wild gyrations that will force the economy into recession. A panic move in an already panicked market is exactly the opposite of what the markets truly need.