Stocks whipsaw as the Fed cuts rates to counter outbreak impact

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Report the fed to the rescue stocks surge after the first emergency interest rate cut since the Great Recession half a point is just what the market needed at least to stop the big selloff CBS financial analyst Jill Slazenger says the decision to cut a benchmark interest rate by half a percentage point comes as the corona virus outbreak threatens global economic growth however Mr somewhat concerned that the fed cutting interest rates is not going to help all that much Slazenger says lower interest rates likely won't be enough to offset any sharp drop in economic activity sure it makes the cost of borrowing cheaper but the problem is that if people are worried about the spread of corona virus and are not traveling or not going out and shopping is much that that is not going to be cured by lower cost of borrowing CBS news special report I'm Vicki

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