BREAKING: Dow falls 2,200+ points at Monday open as rate cut fails to calm markets amid global coronavirus concerns.
But as the market absorbs the very modest effects of the Fed's action, traders remain unconvinced that even such unprecedented measures will offset the financial blow.
“The central banks threw the kitchen sink at it yesterday evening, yet here we are,” Societe Generale strategist Kit Juckes told Reuters. “There is a great sense that central banks are going to get to grips with the issues of getting money flowing ... But the human problem, the macro problem, there is nothing they can do about that.”
“You don’t have to buy the quantities because it’s hard to refill the stores,” he told reporters at the White House, after a call with the heads of grocery chains including Walmart, Whole Foods, and Target.
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