US stocks fell almost 10 per cent in their worst day since the 1987 market crash despite emergency action by the Federal Reserve. Meanwhile, following the US ban on travellers from Europe, airlines are demanding immediate government action to alleviate the industry’s deepening crisis. Plus, companies took on vast amounts of debt in the era of low interest rates. The FT’s US business editor, Andrew Edgecliffe-Johnson, explains the risk this debt poses now. 

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