Executive Summary: A global recession is unavoidable and it will extend to the US. The depth will be influenced by the virus containment efforts, and the duration will be shaped by monetary and fiscal stimulus.
In The News
The Federal Reserve stepped in to help the commercial paper market and overnight lending to investment banks.
The Federal Reserve (Fed) took four immediate actions in reaction to economic risks from the coronavirus (COVID-19) outbreak
US payrolls added 273,000 in February, well ahead of consensus expectations, while the unemployment rate drifted lower to 3.5%.
The Federal Reserve (Fed) cut the federal funds target rate by half a percentage point (0.50%) to blunt some of the downside economic risk from the coronavirus (COVID-19) outbreak.
Upon revision, fourth quarter gross domestic product (GDP) grew 2.1% on a seasonally-adjusted annualized basis, maintaining the same pace as the prior release, which was also the consensus expectation.