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A Brief History Of March 2020's Inter-Meeting Rate Decisions

FED

A quick reminder of March 2020's intra-meeting easing decision timelines (as Fed Funds futures continue to price in a very slight chance of a Feb 2022 inter-meeting hike, suggesting speculation on this unlikely event hasn't completely dissipated):

  • The FOMC met on videoconference on Monday March 2, 2020 at 1930ET, just a few days after a Friday Feb 28 Powell statement which most market participants understood to mean that the Fed was prepared to cut rates at/before the March 17-18 meeting. The announcement of a 50bp cut was made Tues Mar 3 at 1000ET.
  • The Fed held a videoconference at 1000ET on Mar 15, 2020, which was a Sunday. At 1700ET they announced a 100bp rate cut to zero. The scheduled March 17-18 meeting was cancelled.
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