Assets on the balance sheet of the Federal Reserve total $5.81 trillion USD as of the week ending April 1, 2020. That’s a 3-week change of $1.50 trillion USD — the largest-ever dollar change on record, beating out even the 2008 expansion. And we expect this total balance will keep increasing, though not at the same record-setting pace.  

What does it mean? 
The Fed is doing everything it can to support markets. Through its massive stimulus effort, it’s trying to ensure the impact of the corona-induced slowdown isn’t further magnified by liquidation pressure in financial assets or by the inability of sound businesses to access the credit they need at this time.

What happens from here? 
This is a public health problem now. Other drivers should take over. Availability and accuracy of testing, healthcare supply, screening procedures, and potential treatments will be vastly more important to the future direction of the economy and markets than any further action the Fed could take.