Bullard is head of the St. Louis Fed, speaking with media:

  • says he will not prejudge outcome of the March policy meeting
  • says a barrier to cutting rates again in March is the action just taken, would need to cite data justifying a further rate reduction
  • says he does not want market to over focus on march meeting so there will not be much new information in hand
  • says fed has plenty of flexibility and has shown it can act between meetings in volatile situations
  • says he is optimistic the US can handle virus outbreak effectively
  • asked about effectiveness of Fed rate move, notes "a person can buy a car sitting in their kitchen" with online tools
  • says Fed has insured against a "fairly large outbreak," further action by fed would require worse-than-expected virus spread
  • says Fed's local business contacts will play a particularly important role in tracking economic impact of coronavirus

Bullard hinting there is probably not going to be more action taken on March 18.

GS expect another cur that day: