On Sunday evening, the U.S. Federal Reserve (the Fed) cut interest rates to zero (a range of 0 to 25 bps), announced $700 billion of quantitative easing (QE), reduced reserve requirements to zero and expanded dollar swap lines with the global banking community to ensure dollar liquidity. While the Fed can increase the size of QE, it basically pulled all the levers at its disposal at the same time. Exacerbating the issue is that the first look at Chinese economic data for Febr