US markets have inched lower, despite an emergency interest rate cut by the Federal Reserve

Shares initially jumped more than one per cent on the news of the half-point rate cut.

But they quickly turned negative before settling between flat and 0.2 per cent lower.

Analysts and traders worry whether pumping more money into banks and financial markets, may not address the central problem of the epidemic - a cut in business activity as workers and consumers stay home.

Some are calling it a panic move, and a mistake.