All of Wall Street’s eyes are on Washington again, but only Federal Reserve Chairman Jerome Powell is catching its gaze.

With few encouraging signs of a comprehensive fiscal policy response from the U.S. government to the coronavirus, investors are looking to the central bank to fill the vacuum by supporting the economy and keeping markets functioning. It unleashed a trillion dollars on Thursday, but failed to halt the stock market rout.

That has investors clamoring for the Fed’s Open Market Committee to slash interest rates back to zero next Wednesday -- or sooner.

“In light of the continued growth in coronavirus cases in the U.S. and globally, the sharp further tightening in financial conditions, and rising risks to the economic outlook, we now expect the FOMC to cut the funds rate 100 basis points on March 18,” Goldman Sachs Group Inc. chief economist Jan Hatzius and his colleagues wrote in a note Thursday.

Other central bankers are also sweeping into action. The European Central Bank on Thursday took a series of steps which managed to disappoint investors and irritate politicians, forcing officials to try to placate critics. Then on Friday, the People’s Bank of China pared the amount of cash that banks have to set aside as reserves while Asian counterparts including those in South Korea, India and Japan moved to soothe markets. Norway slashed its key rate in an unscheduled meeting and Sweden lent money to banks.

Investors continue to question whether central banks can do enough to shelter their economies from the virus without help from governments.

In the U.S. that remains under debate despite assurances from President Donald Trump that it will come. His administration is talking to Congress about emergency legislation, but it would still take time to sign anything into law.

While the Fed had hoped for a multi-pronged response by the government to contain the virus, which is disrupting national life and could end the country’s record-long economic expansion, it still has to do what it can to ease the pain and hasten the recovery.

Last week it executed an emergency rate cut and then on Thursday it announced massive repo operations and expanded securities purchases to ease “temporary disruptions” in the market. Stocks briefly rallied on the dramatic news but then resumed the slide, with the S&P 500 ending down a staggering 9.5% for the steepest losses since 1987.

Policy makers are next scheduled to meet meet March 17-18 in Washington.

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