FOMC may cut in March, but only if the coronavirus situation accelerates dramatically and the sky is falling

BMO note on the Federal Open Market Committee minutes says a March rate cut from the Fed is not base case

• may be on the table if the coronavirus situation accelerates dramatically
• It's certainly not a base case, but one could build a 'sky-is-falling' scenario in which the Fed is forced to move sooner than it wants to and by more than the gradual insurance-style cuts

More:

• would need with a rapid acceleration in pandemic fear
• also a sharp fall in US and China equities

And this:

• "The Covid-19 black swan has sharply brought forward pricing for additional accommodation from the FOMC"

Just to reiterate - this is NOT BMO's base case