Markets rally as Fed unveils 'game changer' support measures

March 24, 2020: Equity markets and crude prices surged while the dollar sank Tuesday after the Federal Reserve unveiled an unprecedented bond-buying program to support the US economy.

While much of the planet goes into lockdown, traders gave a massive thumbs up to the US central bank's pledge to essentially print cash in a move not seen since the global financial crisis more than a decade ago.

The Fed, which has already slashed interest rates to record lows, said it will buy unlimited amounts of Treasury debt and take steps to lend directly to small- and medium-sized firms hammered by restrictions across the country.

The plan failed to inspire US traders, with all three main indexes on Wall Street sliding, but equities in Asia rallied with Tokyo ending more than seven percent higher.

The Nikkei was given an extra lift by a Bank of Japan's decision to embark on its massive bond-buying scheme.

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