Fed's Kashkari (dove) pointed to recent.........>

FED: Fed's Kashkari (dove) pointed to recent intra-meeting rate cut as

insurance, which was prudent. Notes the could be reversed if virus impact isn't

that bad, or could do more if impact is really bad.

- To me, it looks like the Fed wants to retain full optionality based on recent

comments, with officials remaining non-committal re: the scheduled March

meeting. Do note, some of Kashkari's recent comments have been more in line with

the central thinking of the Fed. Last Monday (Feb 24), saw him tell the WSJ that

"we're in a good place right now, even with these market developments. There's

just great uncertainty around where this virus is going to go and when the full

effects are going to be realized, so I'm open minded. I don't see any urgent

need to move until we have more information." Although he had noted that the

next move for rates was more likely to be lower than higher (which was of course

delivered earlier this week). 

- Looks like the Fed is trying to portray a harmonious message in light of the

current fluid situation, with erstwhile doves Kashkari & Bullard seemingly a

little more restrained in recent comments.