The Federal Reserve can't save us. Can Trump fix the impending global recession?

Congressional intervention will be necessary to recover from the economic fallout from the coronavirus pandemic

The coronavirus pandemic is exposing some ugly truths about the world we live in and, as we head in to what now looks certain to be a global recession, another one is coming in to focus: the Federal Reserve can't save us.

At 2.30pm on Wednesday the Fed chair, Jerome Powell, was due to hold his latest press conference. Like a lot of events, that meeting is now canceled. Powell pre-empted it by announcing an unprecedented second cut to interest rates on Sunday and unveiled plans to pump $700bn into the financial system.