The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%. It said it would expand its balance sheet by at least $700 billion in coming weeks.
New Zealand's central bank slashed interest rates by 75 basis points, sinking the country's currency, as it prepared for a "significant" hit to the economy.
European Union finance ministers plan to agree on Monday on a coordinated economic response to the corona-virus pandemic, with the European Commission forecasting the effects of the virus could push the EU into a recession.
Global markets have dislocated further with increasing signs of stress in some markets, sharply reduced liquidity, and price action hinting at forced selling.
Oil prices extended losses, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the corona-virus and mounting economic disruptions.
More than 169000 people have been infected and death more than 6500 by the corona-virus, data from Johns Hopkins University shows.
Bitcoin has been on a downward streak for the last week, down around 15 percent over the last seven days. That’s bad but it could be worse.
Gold is slowly getting its groove back. Gold prices will ultimately benefit from all this global monetary and fiscal stimulus.
Lockdowns and travel bans spread across the globe over the weekend, affecting tens of millions of people.
Five other central banks also cut pricing on their swap lines to make it easier to provide dollars to their financial institutions facing stress in credit markets.
The swap lines were set up by the Fed, the Bank of Canada, European Central Bank, Bank of England, Bank of Japan and Swiss National Bank during the financial crisis. They also agreed to offer three-month credit in U.S. dollars on a regular basis and at a rate cheaper than usual.
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