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ICYMI - A snippet via the news wires overnight from Capital Economics:

• Fed needs to do at least a verbal intervention to calm down financial markets
• Fedspeak might avoid an emergency rate cut
• "At this point it's really about restoring market functioning--they could damp things down with a few well placed verbal interventions, it wouldn't necessarily require inter-meeting cuts."
• says interest rate cuts between meetings "can backfire if the market thinks the central bank knows more than they do"

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We did get some soothing remarks from Fed officials on Monday US time:

• Fed's Goolsbee: Jobs numbers are weaker but it's not looking yet like a recession

• Fed's Daly says minds are open to cutting rates in coming meetings
• More from Fed's Daly - monitoring labour market indicators carefully

There are plenty more talking heads available if needed