WASHINGTON, D.C. — (03-15-20) — After Federal Reserve Chairman Jerome H. Powell announced actions the Fed would be taking on Sunday to calm Wall Street, the stock market’s futures exchanged dived 1,000 points.
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The Federal Reserve shocked wall street as it announced it is slashing interest rates to zero and buying hundreds of billions of dollars in bonds, as part of a sweeping emergency action to breathe life back into an economy bracing for the fallout from the coronavirus.
The central bank has scheduled policy-setting meetings for Tuesday and Wednesday in a show of urgency to calm the markets.
Federal Reserve Chairman Jerome H. Powell said it expects to keep rates at zero “until it is confident that the economy has weathered recent events.”
The stunning move by the Fed comes as financial markets have whipsawed wildly over the past few weeks. Panicky investors looking to the federal government for a robust response to the growing global pandemic.
It also follows a new barrage of attacks by President Trump on Fed Chair Jerome Powell for not heeding his calls for lower rates.
Coronavirus Update: (03-15-20 – 10:00 p.m. PST)
* There are more than 153,000 coronavirus cases in 146 countries and territories, according to the World Health Organization.
* More than 5,700 people have died worldwide.
* In the United States, there are at least 3,100 cases in 49 states, Puerto Rico, the U.S. Virgin Islands and Washington D.C.
* At least 65 people in the U.S. have died.
* President Donald Trump declared a state of national emergency in response to the outbreak on Friday.
* States are closing bars and restaurants. California, Ohio, Washington and Illinois announced changes. The Golden State’s directive from the governor is limited to bars and similar establishments but not restaurants.
*In Maryland, Gov. Larry Hogan issued an emergency order Sunday to close all casinos, racetracks and simulcast betting facilities to the general public in the state indefinitely.
*The Centers for Disease Control and Prevention is recommending organizers cancel or postpone events in the U.S. that consist of 50 people or more.
JRL CHARTS Las Vegas Local Updates:
Gov. Steve Sisolak on Sunday ordered the closure of all Nevada K-12 schools to slow the spread of COVID-19, beginning Monday. He said free meal programs would resume soon.
* MGM Resorts to close all Las Vegas properties (Starting Tuesday it will “temporarily suspend operations at its Las Vegas properties until further notice.”)
* Resorts include Aria, Bellagio, Mandalay Bay, MGM Grand, New York-New York and The Mirage.
We will keep you updated as events become available.
Article by: Paul Goldberg, Staff Writer
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