The market was 4% lower on opening today, despite the various actions from central banks and other regulatory agencies. We will see how things develop later as other markets open.
Jerome Powell Fed chair has been underscoring the resilience of the financial systems and the power of the tools available, though said the under-subscribed repo strategy they executed last week showed they needed to purchase securities direct but given the market reaction, they then needed to act aggressively to support liquidity beyond that. Hence the rate cut decision.
