People are betting against Trump.

I'm too old to follow the minute by minute fluctuations in these valuations. The dynamics are fascinating though.

I don't know much about Fed cuts either. However, it is obvious rate cuts are not useful at this time. Business and people don't need to be encouraged to borrow. Big business has plenty of cash on hand. Most people shouldn't be doing anything except buying groceries and hunkering down. The government needs money to get us through this crisis.

No, this is not normal. Yes, you may be right that this is a reaction to a desperation move. And to the current administration's inability to deal with this crisis.

The Fed is now out of ammunition before the battle to shore up the economy has even started. There's not much else they can do and it's going to get worse. I don't know if interest rates and money supply manipulation are even the right ammunition to fight a public health crisis. People and small businesses are not going to benefit directly from tweaks to economic policy.

The federal government is going to have to spend massive amounts of money just to maintain a functioning government and society. Businesses are going to be closing and people are going to be out of work, meaning neither will be paying taxes to support that spending. And thanks to the current administration's grift and incompetence, they have maxed out the government's credit card. Maybe the latest Fed moves will make it cheaper for the government to borrow money it's going to have to print?