Cleveland Fed President Lorena Mester on Bloomberg TV:

  • China trade tension is another source of uncertainty
  • No decisions taken on yield-curve control
  • Sees policy support via forward guidance and asset buying
  • Recovery could be slow, hard to imagine it as V-shaped
  • Sees second phase of monetary policy to support recovery

Mester is certainly hinting at more action but a move in June is unlikely. Today is the final day before the blackout period but we will hear from Powell at 11 am ET (1500 GMT).