Everyone’s Guessing, Even the Fed: How Deep the Recession?

by Mike ‘Mish’ Shedlock
Mish Talk

Fed minutes show “severely constrained” markets. Separately, the Richmond Fed president asks some interesting questions.

Fed Minutes

The Minutes of the Latest FOMC Meeting are out. For a change they are interesting, and also very long.

Eight Key Points

1. Treasury market functioning was severely impaired. Market depth was extremely thin, and bid-ask spreads widened sharply.

2. Financing conditions for nonfinancial firms were strained.

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