And that should be good for the liquidity markets.
The Fed has made it very clear it isn't interested.
That the Fed has been adjusting its policy action is impressive and important.
The FOMC statement reiterated it will not hold anything back to aid the economy.
With the Fed as a partner, the cash markets overcame stress in March.
Primary dealers and the short end of the commercial paper market are the latest to get support.
The Fed must decide, on its own, if the coronavirus outbreak qualifies as such.