The Fed's move to cut interest rates to soften the economic blow from the coronavirus was a panic move, which is why the market's positive reaction was short-lived

12:31pm PST - March 3rd, 2020    federal reserve - Business Insider

Scott Heins/Getty Images Federal Reserve Chairman Jerome Powell on Tuesday announced that the central bank cut its key interest rate by 0.5 percentage points. The move is designed to blunt the impact of the novel coronavirus on the US economy. But the move wo…