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The minutes of the unscheduled FOMC meeting last month on March 15th may give that rare glimpse behind the headlines to see what was motivating the central bank at its second emergency meeting that month, FXStreet’s analyst Joseph Trevisani briefs.

Key quotes

“There is little doubt the crisis there, if left unattended would have exacted a far greater toll of misery had the financial system blown through its guardrails.”  

“It will be interesting to see what sense of drama, if any, comes through the bureaucratic phrasing of the FOMC minutes.”

“It would also be interesting to know what the governors intended to do with the Fed balance sheet which was about to explode higher. It is now at $5.8 trillion larger than at any point in the financial crisis and its aftermath.”  

“The currency, credit and equity markets have moved on from that mid-March inflection point but in retrospect it may have been the turning point in this crisis.”