Vincent Reinhart: Coronavirus a 'Classic Supply Shock' for the Fed

The transcript discusses the Federal Reserve's role during a crisis, particularly in the context of a viral outbreak. It highlights the importance of the Fed's upcoming meeting and the influence of news cycles on decision-making. The role of research staff in advising the Fed, especially in areas like medical virology, is also covered. The transcript further analyzes financial conditions, noting that while equity prices are down, other indicators like Treasury yields and corporate spreads are mixed. It concludes with a discussion on the supply shock affecting both demand and prices, impacting the Fed's goals of maximum employment and stable inflation.

What is the significance of the next Federal Reserve meeting mentioned in the text?

What does Mr. Kocherlakota imply about the current economic situation in relation to the supply shock?