The pandemic rattled financial markets, pushed dozens of economies into recession, but helped technology firms have a flourishing year. The pandemic then reached the US, but the impact was still minimal. However, the Fed acted immediately, as this was the only way to reassure investors that they were not ignoring the risks from Covid-19. Just before that, US stocks had the worst week since 2008. The Fed itself felt it was urgent to prevent the global economy from falling into recession.
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