Does the monetary policy of the Federal Reserve and the ECB react directly to a fall in financial markets?

The fall in financial markets has been very significant in the United States and the euro zone since September 2018. We seek to determine whether this will prompt the Federal Reserve and the ECB to conduct a more expansionary monetary policy than the one announced. We try to find a direct impact of the financial market situation (share prices, credit spreads) on monetary policy, not an indirect impact that would work via the growth outlook. An analysis of the formation of the two central banks’ key interest rates in the past shows: A small effect of credit spreads on the formation of the Fed Funds rate in the United States; A significant effect of share prices on the formation of the repo rate in the euro zone.