Not much reaction elsewhere
The unscheduled statement released by the Federal Reserve has given a slight lift to US equities but it's been choppy. The more straight-forward reaction has been in the US dollar, which is softer (excluding USD/JPY).
The strong hint in the statement is that the Fed will cut rates. The Fed funds futures market is already pricing that in, but I suspect broader pricing in more disjointed.
The Fed only has six bullets before rates are at zero and a cut now would signal continued cuts so long as the pandemic continues to get worse and that would erode the yield advantage in the US, and US dollar.
The FX market is responding by selling the dollar. I think this also may be a positive signal for gold, which has been beaten down today. It's climbed $15 from the lows to $1590.
Gold:
