The Bank of England cut rates by half a percentage point, while the British government also is set to spend billions extra in its budget to minimize the economic impact of the coronavirus.
European shares gained as the dollar firmed. Japan unveiled a $4B economic package to combat the coronavirus.
Global equities and U.S. Treasury yields slid, while palladium lost 5%.
“The habit of saving is more important than the rate.” Natalie Slagle, CFP and founding partner at Fyooz Financial Planning in Rochester, Minnesota. “If you don’t have a great habit of saving, it doesn’t matter what the rate is.”
The key to surviving market turmoil is to have a long-term plan and stick with it.
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