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The emergency rate cut move by the US Federal Reserve to shield the US economy from the impact of the coronavirus doesn’t seem to have gone down too well with the markets, as they took it as a sign that the US economy is in a panic situation.

The same belief is reflected in the meltdown seen in the US stocks and Wall Street futures while the benchmark US 10-year Treasury yields hit yet another historic low below 1%. The US rates are down over 15% so far, as investors seek safety in the US Treasuries and gold.

Gold prices rally over 3.50% and test the $1650 level. USD/JPY attacks 107.00, the lowest levels seen in five months. Meanwhile, the US dollar index is off the two-month lows but remains under pressure around 97.20.

Further, the latest coronavirus stats from the US also seems to be exacerbating the pain in the risk/ higher-yielding assets. The US Centers for Disease Control and Prevention (CDC) reported 60 confirmed cases of coronavirus and four more deaths in the US.