March 16, 2020

Fed Flails, Markets Don’t Care

The Fed cut short-term interest rates to zero over the weekend, which should have caused long-term rates to decline too. But after a quick drop on Sunday, long-term rates have been rising ever since the markets opened today. The stock market also tanked when markets opened this morning. Apparently the Fed has little influence when the economy is stalling because of a pandemic.

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We’ll say it loud and clear: No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

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