Magazine : Archives : 3rd Quarter 2020
Bring Out the Bazooka
On Sunday, March 15, the Federal Reserve opened its arsenal and unleashed a preemptive counterattack against a rapidly approaching enemy. The coronavirus pandemic was still in its infancy. It had been declared a national emergency two days earlier, after being labeled a public health emergency nearly a month prior. There were 3,500 or so verified Covid-19 cases in the United States at the time, and only 60 deaths. Markets whipsawed, triggering circuit breakers that suspended trading. An economic assault of unusual ferocity was bearing down on the U.S. economy. Everyone could see it coming; little could be done to stop...
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