More from Fed's Bullard to reporters

  • debilitating global pandemic is not the baseline case
  • we will want to monitor events right up until meeting
  • calls situation very fluid, could turn around fast
  • US GDP forecast adjustments don't look very severe
  • willing to reactive if virus has major US economic hit
  • does not prejudge March FOMC meeting but does not feel Fed has to cut just on the basis of market pricing
  • each central bank jurisdiction around the world should act appropriately
  • markets may be over estimating coronavirus risks
  • does not have sense emergency action is right at this point since the situation could resolve itself quickly
  • would be willing to reactive there seems to be major effect on US economy but we would have to get to that juncture
  • Fed has very good radar for financial stability implications of coronavirus
  • equity market valuation are not the US economy
  • markets seem to be pricing some serious downside risk, where the line should be drawn is a judgment