NEW: US Federal Reserve issues unscheduled statement from Fed Chair Jerome Powell saying “coronavirus poses evolving risks to economic activity” and that Fed “will use our tools and act as appropriate to support the economy” 
Rather delicate the calculation on this - the interruption to global supply chains is very real, and not an issue of confidence, that promises of easier monetary policy might help with. This seems to be aimed at stabilising freefalling stock markets, but ammo low.
Don’t have a sense right now that there’s some coordinated action planned, but things are moving fast on the health crisis...
Federal reserve colleague earlier today pointing out the inability of monetary policy to deal with the core issue:
