Fed surprises markets with emergency rate cut

But the market had started to price in a lower growth rate in the US even prior to the Coronavirus emerging.

The yield on 10 year US debt fell from 3.32 per cent to 1.16 per cent between February 19 and February 28, with the majority of the fall happening prior to the Coronavirus outbreak, indicating that the market was already becoming more concerned over the outlook for the US economy.

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