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Bloomberg’s US Financial Conditions Index, a measure of stress in the markets, has deteriorated to -2.882, its worst level since the great financial crash of 2008/09.

The decline will put pressure on the Federal Reserve to cut rates by 50 basis points next week. The central bank delivered a 50 basis point cut last week, but the move failed to bring cheer to the markets. 

US stocks plunged by over 8% on Monday as coronavirus-led risk-off intensified with the oil price crash.