S&P500 Futures Limit Down After Fed Cut Rate To 0 美联储降息至0后，S＆P500期货跌停

。The U.S. Federal Reserve slashed rates back to near zero, restarted bond buying and joined with other central banks to ensure liquidity in dollar lending to help put a floor under a rapidly disintegrating global economy during the escalating coronavirus pandemic. “The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook,” the Fed said as it cut short-term rates to a target range of 0% to 0.25% and said it would buy at least $700 billion in Treasuries and mortgage-backed securities in coming weeks. “The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the Fed said.---Reuters

。After firing the biggest emergency "shock and awe" bazooka in Fed history, one which was meant to restore not just partial but full normalcy to asset and funding markets, Emini futures are not only not higher, but tumbling by the -5% limit down at the start of trading. Now that the Fed has fired what appears to be its final bazooka - at least until it cuts rates to negative and/or buys stocks/oil outright should we end up with a full blown financial panic/crisis - the market's attention will be on whether the Fed has done enough.---ZeroHedge

。Even with monetary and fiscal stimulus measures, “these shutdowns and rising public anxiety about the virus are likely to lead to a sharp deterioration in economic activity in the rest of March and throughout April,” Goldman’s economists wrote in a research note.---New York times

。“This is an indication that the central bank is very scared about the environment we’re in. If there is a sharp rally, I wouldn’t be surprised if we see investors sell into it. The policy response is so strong, it’s likely to spook investors.” “Now they’ve expended all their ammunition. The question is, from a market perspective, have things clearly settled down? And they haven’t. They would’ve been better off waiting until the meeting on Wednesday. Most of their responses have been the wrong thing at the wrong time.” “We’re facing here the loss of credibility of the central bank from a market perspective…When the investor community loses faith in the Fed, that’s when the market gets very dangerous.” ---Michael O’Rourke, Chief Market Strategist, Jones Trading, Stamford, Connecticut.

。Goldman Sachs cuts its Q1 GDP growth forecast to 0.0% from 0.7% previously. Q2 is cut to -5.0% from 0.0%. The team sees a big bounce in H2 though, raising its Q3 forecast to 3% from 1%, and Q4 to 4% from 2.5% .Full-year 2020 GDP growth is now seen at 0.4% from 1.2% previously.---Seeking Alpha

。美联储将利率下调至接近零，并重新购买债券，并与其他中央银行一道确保美元贷款的流动性，以帮助在日益升级的冠状病毒大流行期间全球经济迅速崩溃的基础上走下坡路。美联储表示：“冠状病毒的影响将在短期内影响经济活动，并对经济前景构成风险。”美联储将短期利率下调至0％至0.25％的目标范围，并表示将在未来几周内，至少购买7,000亿美元的美国国债和抵押支持证券。美联储表示：“委员会预计将维持这一目标区间，直到它有信心经济已经渡过了最近的事件，并有望实现其最大的就业和价格稳定目标。”---路透社

。在美联储历史上最大的紧急“震惊”重磅行动后，Emini期货不仅价格不上涨，而且在交易开始时跌幅达-5％导致熔断停市。既然美联储已经动用最终的重磅行动而市场不作正面反应，那么至少要到它降息至负数和/或直接购买股票/石油，否则我们还不能摆脱金融恐慌/危机。市场的注意力将集中在是否美联储做得足够了。--- ZeroHedge

。高盛的经济学家在一份研究报告中写道，即使采取了货币和财政刺激措施，“停工和公众对这种病毒的忧虑情绪也有可能导致三月下旬和整个四月的经济活动急剧恶化。”---纽约时报

。“这（减息到0及购买债券）显示央行非常担心我们所处的环境。如果市场出现大幅反弹，而我们看到投资者趁机抛售，我不会感到惊讶。因为政策反应如此强烈，很可能会吓到投资者。” “现在，他们已经消耗了全部弹药。问题是，从市场角度看，事情是否已经确定下来？它们还没有。其实他们最好等到星期三开会才出台这些政策。他们的大多数时候的回应都是在错误的时间做错了事。” “从市场的角度来看，我们在这里面临中央银行信誉的丧失……当投资者群体对美联储失去信心时，那就是市场变得非常危险的时候。” --- Michael O’Rourke，康涅狄格州斯坦福德琼斯贸易公司首席市场策略师。

。高盛（Goldman Sachs）将第一季度GDP增长预期从先前的0.7％下调至0.0％。第二季度从0.0％降至-5.0％。该团队预计下半年将出现大幅反弹，将第三季度的预测从1％上调至3％，将第四季度的预测从2.5％上调至4％。2020年全年GDP增​​长从之前的1.2％降至0.4％.--SeekingAlpha