Jerome Powell, chair of the Federal Reserve
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For credit markets to operate, they need a functioning rates market beneath them. That is why the US Federal Reserve’s 100 basis point rate cut on Sunday night and its reopening of quantitative easing (QE) with the announcement of a $700 billion programme was both essential and yet also insufficient to stem financial market capitulation.
In a financial emergency, repairing channels for the flow of credit is the first priority.
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