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FED
FED: Bullard adds that stock market sell off following rate cut was "buy the
rumour, sell the news" and there was a decent run-up in equities due to the G7
FinMin & CB call.
- When asked why cut rates now when outbreak is yet to really bite - aren't you
throwing away MonPol ammo?
Bullard responds: Long-term decisions are made concerning interest rates, cites
home computer purchases etc, cites lag in policy response.
- On 10y yields below 1%, Bullard says thinks markets have become worried on
global pandemic. Flight to safety into the US. Will have to wait and see how
virus progresses but thinks a lot of cases will turn out mild as appears to have
happened in China.
Q: If bond yields already so low, why do Fed need to cut rates?
- A: Moving policy rate to appropriate level although market has done a lot of
the work for us.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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