It seems an emergency rate-cut of 50bps has done more to damage confidence that rebuild it... "what do they know?"

Did The Fed get an early glimpse of this week's payrolls data?

Dan Ivascyn, group chief investment officer of Pacific Investment Management Co., said in an email Tuesday:

"Rate cuts don't stop virus spread. May help support risk assets short term but highly imperfect solution to what is ultimately a health concern."

We wonder what Powell and Trump are thinking?

As Dave Collum tweeted, "That the Federal Reserve is explicitly stating their job is to support the asset markets, showing how unmoored to reality they have become. No price discovery? No fear of losing all credibility? No problem. That ship has sailed anyway. You guys are feckless."

Fed Chair Powell just attempted to explain how his 50bps rate-cut will 'ease' any fears (health, social, financial, economic).