Presumably, the April survey will reveal a shift in these distributions. It is noteworthy, however, that even though the statement in the minutes of the March FOMC meeting regarding Committee members’ expectations for announcing changes in the reinvestment policy was not aligned with market expectations, there was  14  See Board of Governors (2017), p. 3. - 10 only a muted market reaction.
Whatever changes might be needed, they should always ensure that we have a flexible enough crisis management framework to deal with any kind of crisis, especially as each one is different and has elements that can never be anticipated. And it is essential for authorities to keep the right balance between the allocation of responsibilities in the supervisory and the crisis management frameworks.