FOMC

Futures had big ranges this week. Highs were put in on Sunday/Monday as Fed cut rates to 0-25 bps. Hectic trade as traders scrambled to cover risk and position for further Fed stimulus as the COVID-19 pandemic continues.
It appears as though the interest rate market has reached a point of exhaustion. Much quieter the last few days with in-the-money call liquidations a continuing theme. Big ranges are still being seen in most contracts, mainly taking cues from equities, virus updates and now oil news.
Futures traded in a back and forth range, putting the day lows just before the pit open and the day highs shortly after the equity open. The focus continues to be the virus and the Fed’s response.
As has been the case all week, futures driven higher on virus fears. Focus continues to be calls and call structures. Risk-off heading into the weekend.
Massive Eurodollar Option volumes were driven by the only thing that matters right now, virus updates. Futures rallied straight up into the equity open and then followed the stocks lead for the rest of the session.
Kevin Warsh, a former member of the Federal Reserve Board, is floating the idea of the Federal Reserve coordinating a global interest rate cut to combat the unknown tail risk of coronavirus. 
Futures put in their session lows early in the overnight session and trended higher all morning. After equities opened, futures took their clues from equities and continued to move higher throughout the session, closing at or near their highs.
Big overnight flows bled into the day session as traders digested more news about the COVID-19 spread outside of China. No real economic numbers kept the focus on upside, for the most part.
Markets were relatively quiet overnight, with futures trading in a tight range. A huge Philly Fed number was met with little enthusiasm but a later virus scare caused a quick spike in futures.
Little new information out of China kept futures markets in check following an extended US weekend. Futures trended up overnight, then down into equity open and up again for the remainder of the session.