(Clarifies Goldman Sachs forecast refers to output in paragraph 11)
* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* S&P 500 futures bounce in Asia, Nikkei jumps
* Investors relieved as Fed pledge eases bond market stress
* Treasury yields fall, drag down yields globally
* Dollar off its peaks, supported by liquidity flows
By Wayne Cole
SYDNEY, March 24 (Reuters) - Asian stocks rallied on Tuesday as the U.S. Federal Reserve's sweeping pledge to spend whatever it took to stabilise the financial system eased debt market pressures, even if it could not offset the immediate economic hit of the coronavirus.
While Wall Street seemed unimpressed, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 by 1.9% and Japan's Nikkei by 4.9%.
MSCI's broadest index of Asia-Pacific shares outside Japan added 1.2%, though that followed a drop of almost 6% on Monday. South Korea and Australia also recouped a little of their recent losses.
In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds.
The numbers were certainly large, with analysts estimating the package could make $4 trillion or more in loans to non-financial firms.
"This open-ended and massively stepped-up programme of QE is a very clear signal that the Fed will do all that is needed to maintain the integrity and liquidity of the Treasury market, key asset-backed markets and other core markets," said David de Garis, a director of economics at NAB.
"COVID-19 developments remain the wild card, as is the development of government policies to support cash flow and the economy."
The Fed's package helped calm nerves in bond markets where yields on two-year Treasuries hit their lowest sine 2013, while 10-year yields dropped back sharply to 0.77%.
Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs.
Speculation is mounting data due on Thursday will show U.S. jobless claims rose an eye-watering 1 million last week, with forecasts ranging as high as 4 million.
Goldman Sachs warned the U.S. economy could contract by 24% in the second quarter, two-and-a-half times the pace of the previous postwar record.
A range of flash surveys on European and U.S. manufacturing for March are due later on Tuesday and are expected to show deep declines into recessionary territory.
While governments around the globe are launching ever-larger fiscal stimulus packages, the latest U.S. effort remains stalled in the Senate as Democrats said it contained too little money for hospitals and not enough limits on funds for big business.