Fed Near Zero Fires QE, Dollar Rush, New Zealand Cuts: Eco Day

(Bloomberg) -- Welcome to Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you start the week:

• The Federal Reserve swept into action in a new bid to save the U.S. economy, cutting its benchmark interest rate by a full percentage point to near zero and pledging to boost its bond holdings by at least $700 billion. Meanwhile, Treasury Secretary Steven Mnuchin doesn’t expect the economy to fall into a recession
• The Fed and five counterparts united to ensure dollars keep flowing worldwide after the coronavirus sparked a rush for greenbacks
• New Zealand’s central bank slashed its benchmark rate to 0.25% as strict border controls look set to tip the economy into recession
• Europeans faced increasingly draconian restrictions on public life, as governments tightened border controls and moved to limit damage to the continent’s fragile economies
• Australia and South Korea called for meetings of leaders and finance chiefs from the G-20 as the coronavirus outbreak triggers panic on global markets. The RBA is boosting liquidity in short-term funding markets to help cushion the blow in the nation’s financial system
• Beijing will quarantine all travelers from overseas, including Chinese citizens, at designated locations for 14 days as the government shifts its focus to limiting imported coronavirus cases
• Three of the biggest Arab economies pledged almost $47 billion in stimulus to limit the economic damage of the coronavirus
• South Africa declared a national state of disaster and announced the continent’s most drastic measures to curb the virus’s spread
• Israel’s central bank will begin purchasing government bonds for the first time since 2009 to smooth volatility and boost liquidity
• Data on China’s industrial output, investment and retail sales due Monday are forecast to show an across-the-board contraction for the first time on record
• Every economic shock leaves a legacy. The deadly coronavirus will be no different, changing how we will shop, travel and work for years to come

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