Fed Starts Repo Facility to Provide Dollars to Central Banks By Bloomberg


Fed Starts Repo Facility to Provide Dollars to Central Banks

(Bloomberg) — The Federal Reserve has opened a temporary repurchase agreement facility for foreign central banks to support the smooth functioning of financial markets.

The program will allow participants to temporarily exchange U.S. Treasuries for dollars, which can then be made available to institutions in their jurisdictions.

“This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market,” the Fed said in a statement Tuesday.

The pared its gains after the announcement, while short-end Treasury yields held steady and U.S. stock futures remained down on the day.

The program, available April 6, is a new weapon in the Fed’s arsenal to stabilize dollar funding markets. The U.S. central bank said it “reduces the need for central banks to sell their Treasury securities outright and into illiquid markets,” helping stabilize trading in the world’s most secure and important asset.

“By allowing central banks to use their securities to raise dollars quickly and efficiently, the facility will also support local markets in U.S. dollars and bolster broader market confidence,” the Fed said. “Stabilizing foreign dollar markets, in turn, will support foreign economic conditions and thereby benefit the U.S. economy through many channels, including confidence and trade.”

The facility was authorized by the Federal Open Market Committee, according to the statement.

The Fed said the term of the repos will be overnight, but can be rolled over as needed. Transactions will be conducted at a rate of 25 basis points over the interest rate on excess reserves.

Outstanding transaction totals will be made public in the Fed’s weekly balance sheet report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Fed action pushes top-rated U.S. corporate bond issuance to record By Reuters


© Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

By Joshua Franklin

NEW YORK (Reuters) – U.S. companies raised a record $109.1 billion through investment-grade bond sales this week, as corporate America hoarded cash following measures unveiled on Monday by the Federal Reserve to backstop the market for high-quality debt.

Nike Inc (N:), McDonald’s Corp (N:) and Home Depot Inc (N:) were among 49 companies that borrowed money through investment-grade bonds this week, according to IFR Refinitiv data. They beat the previous weekly record of $73.5 billion in new issues that was set in September 2019.

“It is a desire on the part of companies to build liquidity in an uncertain time. You combine that with the fact that markets have been so volatile, when they open up companies want to take advantage,” said Andrew Karp, head of global investment grade capital markets at Bank Of America Securities, which worked on many of this week’s deals.

The bond issuance frenzy came after the U.S. Federal Reserve on Monday rolled out an unprecedented series of measures to support an economy reeling from sweeping restrictions on commerce to slow the coronavirus pandemic.

The actions included a plan for the Federal Reserve to act as a buyer of last resort in the investment-grade bond market. A stimulus bill that passed into law on Friday would allow the U.S. Treasury to backstop trillion of dollars worth of lending to businesses using the Federal Reserve’s balance sheet.

“The Federal Reserve action was a big deal. That sent a very powerful message to investors that the Federal Reserve is there to make sure that the market is functioning properly at a minimum. It gave a lot of investors confidence to come back into the market,” said Karp.

Still, the record bond issuance came at a cost. The investment-grade bond index soared to a roughly 350 basis point spread over U.S. Treasuries, compared to a low of 100 basis points, as borrowing cost even for the most credit-worthy companies soared, according to Karp.

While the investment-grade bond market is booming, there has been no new issuance of junk-rated bonds by U.S. companies since March 4, the longest lull since the 2008 financial crisis. This is because risk-averse investors are seeking to park their money with high-quality credit assets amid the market turmoil.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Fed sets fee structure for BlackRock’s role in mortgage bond purchases By Reuters


© Reuters. People walk wearing masks outside The Federal Reserve Bank of New York in New York

By Jonnelle Marte

NEW YORK (Reuters) – BlackRock Inc (NYSE:) will earn less than $8 million a year in fees for its role assisting the Federal Reserve with its purchases of commercial mortgage-backed securities, one of the new programs the central bank is rolling out to backstop an economy under threat from the coronavirus outbreak, according to details of the arrangement released on Friday.

Under BlackRock’s contract with the Federal Reserve Bank of New York for the bond purchases, it will earn a quarterly fee equal to an annualized 2 basis points on the first $20 billion of assets under management and then 1.25 basis points on the next $30 billion of assets. It will earn no fee for amounts above $50 billion under management.

That amounts to a maximum annual fee of $7.75 million paid to BlackRock for the bond purchases. The firm managed more than $7 trillion at the end of last year and generated more than $14.5 billion in revenue.

The New York Fed said earlier this week that it hired BlackRock to manage purchases of commercial mortgage-backed securities and to oversee certain liquidity facilities.

“BlackRock was selected on a short-term basis to serve as an investment manager after considering their expertise in trading and analyzing agency CMBS in the secondary market, and robust operational and technological capabilities,” the Fed said.

BlackRock will also oversee the secondary market corporate credit facility, which will purchase corporate bonds and exchange-traded funds.

The New York Fed said the firm will not earn any other fees or income, including from securities lending, in connection with the facility’s purchase of ETFs.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Fed action ‘hugely helpful’in stabilising bond markets:Tradeweb CEO By Reuters


© Reuters. CEO of Tradeweb Markets Lee Olesky speaks at the Sandler O’Neill Global Exchange and Brokerage Conference in the Manhattan borough of New York

LONDON (Reuters) – Steps taken by the U.S. Federal Reserve and other major central banks to maintain liquidity in markets has been “hugely helpful” in stabilising the spike in volatility in bond markets, Tradeweb Chief Executive Lee Olesky said on Friday.

The U.S. Federal Reserve has scooped up bonds and extended loans to banks and mutual funds in its unprecedented effort to backstop the economy in the face of the global coronavirus pandemic.

It has also offered more than $200 billion through foreign currency swap lines to other central banks so they can provide dollars to help their firms and other borrowers stay current with their dollar-denominated liabilities. [nL1N2BJ374]

“The Fed action was huge and essential and really changed the markets this week,” Olesky said during a webinar. “What we’ve seen from Fed is hugely helpful.”

In recent weeks, investors have even had trouble buying and selling U.S. Treasuries, considered the safest of all assets. That’s a highly unusual occurrence for one of the world’s most readily tradable financial instruments. [nL1N2B904A]

“Volatility has been exceptional, certain days are more trying then others,” Olesky said. “We have moved into a more stable environment.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. banks borrow at discount window after Fed offers stigma relief By Reuters


© Reuters. FILE PHOTO: Federal Reserve building pictured in Washington

By David Henry

NEW YORK (Reuters) – With encouragement from the Federal Reserve, U.S. banks have turned to a long-shunned lending facility known as the discount window to borrow $50.8 billion, according to data the central bank released on Thursday.

The outstanding balance was the most since April 2009 and a reversal from negligible sums since the financial crisis.

Borrowing at the discount window has long carried a stigma because of speculation about which banks were using it and whether they on verge of dumping assets at fire sale prices.

The Fed changed its disclosure practices last week to help curb such speculation. It will no longer show which of the 12 district banks in the Federal Reserve System made the loans in the national total.

No longer, for example, can someone see a big increase in discount window borrowing through the Federal Reserve Bank in Kansas City and guess which bank might be having trouble with energy loans.

The Fed, in a note on its prior weekly release, said the change was made to support its goal announced on March 15 to use the discount window with other tools to encourage banks to lend to households and business during the coronavirus pandemic.

At the same time, the Fed slashed its target for its key interest rate by 1 percentage point to a range of 0% to 0.25%. It set the rate on discount window loans at 0.25%, basically eliminating the usual 0.50% extra penalty.

Healthy banks can get instant cash from the discount window in exchange for collateral, usually pools of loans. If the banks had to asked other lenders for cash it could spark doubts about their condition and feed a selling panic.

JPMorgan Chase & Co (N:) Chief Executive Jamie Dimon said last month that his bank would use the discount window to help reduce the stigma.

Under the Dodd-Frank financial reform law, the Federal Reserve must disclose within two years which banks used the window, how much they borrowed and when.

Walker Todd, a visiting professor at the University of Akron and a former lawyer for regional Fed banks, said the Fed’s shift to obscure details from weekly borrowing amounts violates the spirit of transparency of the law.

“The Fed misreads the situation if it thinks this is in the public interest. Everyone expects the numbers to be large, so disclosure would cause no panic.”

(Corrects sixth paragraph to note on “its prior” weekly release … instead of … “on the” weekly release, as sent in error.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold Extends Rally as Fed Backstops Ease Forced Selling By Investing.com


© Reuters.

By Geoffrey Smith 

Investing.com — Gold prices extended their rapid rally on Tuesday as investors took advantage of last week’s forced selling to build new long positions in anticipation of another lengthy period of low interest rates.

By 12:20 AM ET (1620 GMT), for delivery on the Comex exchange were up 5.3% at $1,650.80, having earlier hit their highest since March 11. They’re now up 13% from last week’s low.

was up 4.0% at $1,615.53.

were also back in favor, rising 6% to $14.05 an ounce. Both were supported by an easing of immediate funding pressures, evidenced by the sharp drop in demand for dollars at the European Central Bank’s weekly swap auction.

Platinum and futures spiked after South Africa ordered mines to be put on care and maintenance schedules in order to suppress the spread of the Covid-19 virus. That threatens to create further shortages in supply of palladium in particular, albeit the collapse in global auto sales because of the virus means that carmakers have little immediate cause to worry about supply shortages.

rose 11.7% to $701.10 an ounce, while rose 16% to $1,086.50 an ounce.

The shutdown of South Africa’s mine also affects its gold mines, naturally. However, since mined gold is not physically consumed, and since the overwhelming bulk of gold market action is now in financial products such as ETFs, the spot market balance of physical supply and demand is less important.

Gold’s rally broke the traditional correlation with government bonds, which fell sharply as some investors moved back out of havens into equities, while others sold more out of fear the sharp increase in bond supply due to the enormous fiscal stimulus packages announced – and still in preparation – in the U.S., Europe and elsewhere.

Analysts at Goldman Sachs (NYSE:) argued that a similar pattern in gold is beginning to emerge as the one in 2008. Twelve years ago, gold also initially struggled under the weight of forced selling, before starting a long rally on fears of long-term currency debasement.

“We are likely at an inflection point where ‘Fear’-driven purchases will begin to dominate liquidity-driven selling pressure as it did in November 2008,” analysts led by Jeff Currie said in a note to clients. “As such, both the near-term and long-term gold outlook are looking far more constructive, and we are increasingly confident in our 12-month target of $1,800/oz.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Dollar Retreats After Fed Package; Sterling Strengthens By Investing.com


© Reuters.

By Peter Nurse

Investing.com – The U.S. dollar has retreated Tuesday, weighed down by the latest hefty rescue package from the U.S. Federal Reserve, at least for now.

At 03:55 ET (0755 GMT), traded at 1.0833, up 1%. The , which tracks the greenback against a basket of six other currencies, stood at 102.090, down 1.1%, while fell 0.6% to 110.50.

The Federal Reserve on Monday announced unprecedented measures to buy unlimited amounts of Treasury bonds and mortgage-backed securities, also pledging programs to finance households, small businesses and employers.

“The Fed just fired its biggest bazooka so far, effectively announcing open-ended and unlimited QE,” said analysts at Nordea, in a research note. “The Fed is now the direct lender of last resort to not only the financial system, but also the real economy.”

Still, losses have been limited given the extent of the actions taken by the U.S. central bank. There still exists a great deal of uncertainty surrounding the impact of the coronavirus outbreak, and with that comes the usual flight to safety and into the U.S. dollar.

“The Fed is doing its best to kill the USD, but we are not convinced that it will work (yet),” added Nordea. “Once economies open up post the Corona-crisis, the USD will get hammered, but that is still not something to discuss for the next weeks.”

One of the currencies which has benefited the most Tuesday has been sterling. This follows the news that  U.K. Prime Minister Boris Johnson has imposed stricter lockdown measures to combat the Covid-19 pandemic. 

The pair was up 1% to 1.1663 by 3:55 AM ET (0755 GMT) after falling to as low as 1.1448 on Monday.  

The pound has been hit recently, and the U.K. government criticized, by the notion that authorities have been slow to implement the tough conditions needed to combat the spread of the virus. 

However, Johnson announced late Monday the government would impose new restrictions, including limiting the gathering of more than two people in public, for at least three weeks.  

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Gold Roars Back as Risk Assets Rush to Exercise the Fed Put By Investing.com


© Reuters.

By Geoffrey Smith 

Investing.com — Gold came roaring back on Monday as the Federal Reserve’s latest measures to soothe markets failed to stop investors pulling their money from risk assets.

In a grim consolation, havens such as gold and government bonds did at least manage to restore their traditional inverse relationship with risk assets, rising as equities decided to take advantage of the ‘Fed put’ with brutal force.

By 12:25 PM ET (1625 GMT), for delivery on the Comex exchange were up 4.7% at $1,554.80 a troy ounce, while was up 3.3% at $1,548.15 an ounce.

The rally was driven by increasingly apocalyptic forecasts for the U.S. economy from banks and policymakers.

On Sunday, St. Louis Fed President James Bullard had predicted that the U.S. economy could shrink by an annualized 50% in the second quarter, while the jobless rate could rise to as high as 30%.

Goldman Sachs (NYSE:) analyst Jan Hatzius said his bank estimates that around 2.25 million Americans filed for jobless benefits last week – a number that illustrates the crucial importance of Congress passing a bill that cushions the blow of what ought, at least, to be only a temporary spell of unemployment for many. Official data for initial jobless claims are due on Thursday at 8:30 AM ET (1230 GMT).

That backdrop is strengthening the belief that real interest rates will remain at historic lows for longer, supporting the price of gold. The latest evidence of that came in the form of an unlimited commitment from the Fed to buy Treasury and agency debt to support the economy, and to backstop businesses and consumers with a new $300 billion facility capitalized by the Treasury with $30 billion.

The rally was only restrained by the across-the-board gains for the dollar itself. Against a background of worldwide demands for dollars, it came within a whisker of a new 18-year high against developed currencies and rampaged higher against most emerging currencies, notably the Indonesian rupiah. That said, demand at the European Central Bank’s weekly dollar swap auction fell sharply from last week’s operation.

Elsewhere in precious metals, rose 0.5% to $12.92 an ounce, while rose 0.3% to $624.10 – albeit in choppy trading dominated by the fear of a collapse in automotive- sector demand.

futures fell 3.8% to $2.08 a pound, but didn’t seriously threaten the lows of last week.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Fed boost fails to stem Wall Street rout


(Reuters) – Wall Street’s slide deepened on Monday as the rapidly spreading coronavirus forced more U.S. states into lockdown, eclipsing optimism from an aggressive policy easing by the Federal Reserve and putting the S&P 500 on pace for its worst month since World War Two.

After cutting interest rates to near zero and offering to buy more Treasury bonds and mortgage-backed securities, the Fed will now lend against student loans and credit card loans, as well as back the purchase of corporate bonds and direct loans to companies.

The extraordinary moves briefly lifted U.S. stock index futures more than 3%, but the mounting death toll from COVID-19 and growing evidence of the economic damage to Corporate America quickly sent the main indexes back into the red.

“It’s their bazooka moment, which should be a sign to investors that the Fed will provide any and all liquidity necessary to support the economy through this period,” said Russell Price, chief economist at Ameriprise Financial Service in, Troy, Michigan.

“But quite frankly, the market is just in a waiting period right now until the virus runs its course and some of the therapies and other treatments are able to improve outcomes.”

Investors had hoped the U.S. Senate would clear a $1 trillion-plus coronavirus stimulus package over the weekend, but Democrats and Republicans were still scrambling to come to an agreement.

Ohio, Louisiana and Delaware have now joined New York and California in asking people to stay home, foreshadowing a near halt in economic activity and more pain for U.S. equities, which have already lost more than $9 trillion in value since a record high hit last month.

Goldman Sachs expects an outright contraction in global real GDP in 2020 on the back of a 24% plunge in U.S. real GDP in the second quarter: two-and-a-half times as large as the previous post-war record.

At 11:49 a.m. ET the Dow Jones Industrial Average .DJI was down 908.45 points, or 4.74%, at 18,265.53, while the S&P 500 .SPX was down 107.63 points, or 4.67%, at 2,197.29 and the Nasdaq Composite .IXIC was down 234.88 points, or 3.41%, at 6,644.63.

The energy sector .SPNY fell 5%, tracking a plunge in oil prices. [O/R]

Exxon Mobil (XOM.N) and Chevron (CVX.N) were among the biggest drags on the Dow .DJI.

FILE PHOTO – Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson

Hasbro (HAS.O) rose 10.84% after the toy maker’s Chief Executive Officer Brian Goldner said its supply chains were up and running in China.

Declining issues outnumbered advancers more than 5-to-1 on the NYSE and 3-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week high and 195 new lows, while the Nasdaq recorded two new highs and 401 new lows.

Reporting by Uday Sampath in Bengaluru; Additional reporting by Sinead Carew in New York; Editing by Sagarika Jaisinghani and Arun Koyyur



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Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed: Mnuchin By Reuters


© Reuters. FILE PHOTO: President Trump addresses the Trump administration?s daily coronavirus (COVID-19) briefing at the White House in Washington

WASHINGTON (Reuters) – The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation’s economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

Mnuchin, speaking on the “Fox News Sunday” television program, said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through next 90 to 120 days.

Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.

Mnuchin said the U.S. economy would clearly take a hit from the health crisis, but should rebound once the new coronavirus has been contained.

“We need to get the money into the economy now. If we do that, we think we can stabilize the economy,” he said.

Nearly one in four Americans, or 80 million people, were under orders to close up shop and stay home as New York, California, Illinois, Connecticut and New Jersey instituted statewide lockdowns to try to contain the rapid spread of the highly contagious respiratory illness.

Mnuchin downplayed a question about a possible recession, calling it a “technical question” that was not “terribly relevant” in the current situation since the government was effectively shutting down large parts of the economy to slow the virus.”

“When people focus on recessions, it’s normally because of a prolonged economic environment,” Mnuchin said. “This is a very unique situation that we’ve never had before. This is the government has self-imposed shutting down large parts of the economy. And as soon as we can get the medical situation under control, we’re going to reopen it.”

Mnuchin declined to comment specifically about a Washington Post report that the Trump administration did not act on repeated warnings about the potential impact of the coronavirus from the U.S. intelligence community, but said no one expected the crisis to escalate as quickly as it had.

“I don’t think that anybody should second guess the government’s actions,” Mnuchin said. “This has been moving very quickly and I think we’ve responded appropriately.”

Many critics have said the administration has been slow in both its preparation and response to the crisis as President Donald Trump for weeks played down the situation before changing his tone more recently.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.