ROBERT EISENBEIS: Too early to tell on financial relief programs in pandemic

Excerpt from the Sarasota Herald-Tribune

Eisenbeis - Too early to tell on financial relief programs in pandemic

Too early to tell on financial relief programs in pandemic
Posted May 11, 2020
by Robert Eisenbeis, Ph.D.

Congress and the Trump administration have embarked upon a massive federal stimulus program to mitigate the impact of the coronavirus on the U.S. economy. At the same time, the Federal Reserve has stepped up to bolster financial markets, having announced, in addition to its ongoing support of the repo market, a series of 10 loan programs, some old and some resurrected from the 2008 financial crisis.

So far, markets have responded relatively favorably to the announced programs and have backed up from their lows. But aside from the injection of funds to support business in the first congressional stimulus program, the markets’ response has been based only on hope rather than tangible evidence that the programs are having the desired effect.

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