Entire countries are shutting down, and global industries — such as tourism, travel and hospitality — are on their knees. This is why equity futures are pointing to another steep decline in the US stock market on Monday, despite the Fed’s efforts.
Nor did the Fed unveil a measure to unfreeze the commercial paper market, a vital tool for companies that need to borrow short-term money. This is an issue that needs to be addressed — urgently. There were signs that what might hopefully prove a short, sharp economic downturn could morph into something far more destructive.That was particularly apparent on Thursday, when investors essentially dumped everything they could — even US Treasuries and gold.
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