The fall in global stocks during the past few weeks has been among the fastest in history. But here is the rub: Even after the end of a terrible run last week, global equities were still only testing levels they dropped to at the nadir of the now-forgettable December 2018 selloff in dollar terms. One interpretation of the sharp fall in stocks again Monday is that the Fed’s big interest rate cut and resumption of large-scale bond purchases were too little, or that it is now out of ammunition.

Source: Wall Street Journal March 16, 2020 10:07 UTC