- The FOMC has become increasingly concerned about persistent negative effects from COVID on the economy
- Fed seemed more pessimistic about medium-term implications and the possibility of a V-shaped recovery
- Increasing view that recovery will be more gradual with downside risks
- Actively debated mid-term strategy for monetary policy
- The FOMC will most likely give stronger forward guidance in their June meeting for policy rate and announce monthly paces for QE purchases
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