Short reminder:
I have seen considerable commentary that the Fed can’t do anything because the virus is a supply-shock and the Fed only has demand-side tools. This ignores that the nature of this supply-side shock produces a demand-side shock at agents delay spending or if the flow of credit from financial markets becomes impair. Hence the Fed does have a role to play here.
Worth reading is this short paper by Christina D. Romer and David H. Romer:
It is widely agreed that this record is far from perfect, and that there have been some major failures of monetary policy over the past century…In this paper, we present evidence that an unduly pessimistic view of what monetary policy can accomplish has been a more important source of policy errors and poor outcomes over the history of the Federal Reserve.