While the vast majority of COVID-19 cases are in China and are finally slowing, cases in South Korea and Italy, among other countries, are on the rise, stoking fears of a possible pandemic. The increase in cases in these two developed nations sent stock markets around the world reeling on Feb. 24, with the week concluding with the greatest losses in the U.S. stock market since the 2008 global financial crisis. Global supply chains, businesses and tourism have all been affected.
On Feb. 28, U.S. Federal Reserve Chair Jerome Powell said in a statement, “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”
For all of 2020, Mark Zandi,
