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The Minutes from the unscheduled FOMC meeting on March 15, which cancelled the scheduled one for March 17-18 and came after another unscheduled meeting on March 2, showed that policymakers were in the same boat as everybody else, per BMO Capital Markets.

Key quotes

“The Minutes reveal that the Fed was very concerned over what was already happening in the US and global economies owing to the COVID-19 pandemic, and what was about to happen.”

“In terms of the Fed’s monetary and financial policy responses, they acted fast and meaningfully on March 15, they have acted fast and meaningfully since then, and one can only presume that the Fed will act fact and meaningfully again if the need arises. And, we judge the need will indeed arise.”