With U.S. equity markets headed for a limit-down open on Monday morning amid massive Federal Reserve action intended to stabilize markets and buoy confidence, liquidity becomes even more of a focal point.
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Some market observers say the Fed's rate cut and bond-buying plan are necessary, but they alone won't spare the markets from further declines from the impact of COVID-19. That will have to come from fiscal policy and/or news of real progress in fighting the virus.
But in an interconnected financial system, companies ranging from small corner stores to large global banks need to maintain access to cash. And the Fed's action is seen as a backstop to that end.
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