The central banks in the USA, the eurozone, Canada and the United Kingdom have all deployed stimulus.
She cautioned that "cutting rates alone literally cannot cure what ails us", but "it can help on the other side, it can help blunt the blow".
And in a dramatic move that underscored the depth of the economic threat as businesses shutter and potentially millions of jobs evaporate, the Fed encouraged banks to use the trillions of dollars in equity and liquid assets built up as capital buffers since the financial crisis to support firms and people whose lives have been upended by the virus.
Exclusively days after a uncommon emergency rate cut, the Fed is expected at its usually scheduled assembly subsequent Wednesday to slash its goal rate one other 75 to 100 foundation factors to close zero, in line with the CME FedWatch web site.
The Fed already cut interest rates by half a percentage point on March 3 at an emergency meeting, the first rate cut outside of a regularly scheduled policy meeting since the financial crisis in 2008.
Trump's error-laden speech from the Oval Office Wednesday left investors stunned.
In fact, rate cuts could not help equities. It also bought hundreds of billions of dollars in government bonds and mortgage-backed securities. On Thursday it extended those purchases beyond bills to coupon-bearing notes across the yield curve.
The Fed also plans to step up its purchases of longer-term Treasuries.
Hedge funds and asset managers were selling bonds and unwinding positions aggressively Thursday in anticipation of potential dealer shutdowns or disruptions as New York City Mayor Bill de Blasio declared a state of emergency that could put the financial center on lockdown.
"We should allow the central bank to purchase a broader range of securities or assets", Boston Fed Chief Eric Rosengren said in a speech Friday in NY. Some market watchers marvel if the central financial institution may even ultimately go into detrimental territory. But Christine Lagarde, president of the European Central Bank, said monetary policy could not do it alone and called for a "decisive and decisive, quot; response from governments". The new coronavirus is presenting them with a very different challenge, at a time when some policymakers have barely caught their breath from the last economic disaster.
No matter actions the Fed takes, some traders stated they're finally secondary to the responses of the world's governments.
"Markets are trying to grapple with vast uncertainty around the depth and duration of the coronavirus's impact on global growth", said Shane Oliver, head of investment strategy at AMP Capital Investors Ltd.in Sydney. But they can't do everything needed to curb the blow from a pandemic. "They are not superheroes, they are not going to save the world".
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