Interventions finally help calm markets after week to forget

It took the combined might of every large central bank and government but by the end of this week there was an easing of the turbulence that rocked global markets, which had come close to breaking under the weight of the coronavirus crisis. Hectic trading dominated the week, despite the US Federal Reserve slashing interest rates to zero in an emergency move before markets opened on Sunday. Sterling slumped to its weakest point since the 1980s, the rally in US stocks since the inauguration of Donald Trump disappeared, the dollar soared and bond markets showed signs of buckling.