Asian stock markets, US futures sink after Fed's rate cut Asian stock markets and U.S. futures have fallen after the Federal Reserve slashed interest rates to shore up economic growth as more governments imposed anti-virus controls that are shutting down business and travelBEIJING -- Asian stock markets and U.S. futures fell Monday after the Federal Reserve slashed its key interest rate to shore up economic growth in the face of mounting global anti-virus controls that are shutting down business and travel. On Wall Street, futures for the benchmark S&P 500 index fell 5% on Sunday night and triggered a halt in trading. “Despite whipping out the big guns," the Fed's action is "falling short of being the decisive backstop for markets,” said Vishnu Varathan of Mizuho Bank in a report. “Markets might have perceived the Fed's response as panic, feeding into its own fears.”Japan's central bank was holding a policy meeting, convened several days earlier than planned. “The Fed’s actions were very bold and it does appear to have spooked the markets,” said Nate Thooft, head of global asset allocation at Manulife Investment Management.

Source: ABC News March 16, 2020 00:00 UTC