Historic Fed Boost Fails to Stem Wall Street’s Virus-Driven Selloff

Historic Fed Boost Fails to Stem Wall Street’s Virus-Driven Selloff
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. Lucas Jackson/Reuters
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Wall Street’s slide deepened March 23 as an unprecedented move by the U.S. Federal Reserve to shore up credit across the economy proved insufficient to soothe investors’ fears about the swiftly spreading CCP virus.

After recently cutting interest rates to near zero, the Fed will now lend against student loans and credit card loans, as well as back the purchase of corporate bonds and make direct loans to companies.