If traders hoped Friday’s turnaround would prove more than a moment of relief for the world’s shell-shocked markets, an emergency interest-rate cut by the Federal Reserve and coordinated steps by other central banks failed to bring any lasting sense of stability. The dollar fell across the board as the U.S. central bank lowered rates to 0%-0.25%, a level last seen in the wake of the 2008 financial crisis. The yen climbed more than 1% and the euro erased losses to add 0.7%. The currency market was the only one active among major markets when the Fed measures were announced.
- Susanne Barton, Jack Pitcher, and Justin Carrigan