The Fed has moved aggressively to address the possible impact of the health crisis.

The Fed dropped managed rates by 100 bp on Sunday night. They have now moved rates down by 150 bp, all between FOMC meetings. They also announced a new QE program of buying $700 billion of bonds and dropped rates at the discount window while executing injections of liquidity through the repo market. The Fed has suspended issuing any economic or interest rate guidance since the uncertainty of the impact of the coronavirus is unknown as to magnitude and duration. These moves were designed to ensure the flow of credit is not restricted by the uncertainties. The House has passed a fiscal stimulus bill that is designed to provide some modest protection to incomes during the crisis.