Peter Schiff: If the Federal Reserve does not urgently cut interest rates and announce a massive quantitative easing program, it could trigger a stock market crash similar to 1987

Economist Peter Schiff warned of a rapid rise in US Treasury yields, with the 10-year yield reaching 4.5 per cent and the 30-year yield rising to 5 per cent. He said that if the Federal Reserve did not urgently cut interest rates tomorrow morning and start a massive quantitative easing programme, the stock market could experience a similar fall in 1987.