, moments after both Goldman and Bank of America predicted the Fed would cut rates as soon as next month (and in the case of BofA, an emergency double cut could come any moment), in a shocking, rare admission that the Fed is "on top of thing", Fed Chair Powell, aware that everyone was looking at the Fed for guidance on what happens next and whether it will conduct an emergency Sunday night global intervention in markets, at exactly 2:30pm on Friday with 90 minutes left until the close, Powell issued an unprecedented statement meant to do just one thing: calm markets and stop the crash.

The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.