Investors will also be watching the progress of the reopening of business activity in some states, like Georgia, Texas, Oklahoma and South Carolina. At the same time, President Donald Trump said he may extend social distancing guidelines into early summer. Many states, including the hardest hit, remain completely shut down.
"If you take a look where the real battle is in the market, it's a fundamental story," said Jonathan Golub, chief U.S. equity strategist at Credit Suisse. "The fundamentals are that the market should be lower, and on the other hand, the Fed is kind of putting their thumb on the scale in favor of the market."
Tilley said the Fed's job is also to instill confidence, and its asset purchase and other programs to support mortgages, corporate credit and municipal bonds, helped bring back in spreads that had been widening out across the credit markets. "It looked like we were headed for a seizure in credit markets, but they've come back in," he said, adding he expects the Fed to also discuss programs like its support for the small business lending program.
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