BREAKING: Dow Jones surges more than 1,200 points on hopes that central banks will act to shelter global economy from coronavirus.
Bill Nelson, chief economist at the Bank Policy Institute and a former Fed economist, said the Fed and other major central banks, possibly including China’s, could announce coordinated rate cuts by Wednesday morning. The cut would at least be a half-point and perhaps even three-quarters, he said.The International Monetary Fund and World Bank announced simultaneously Monday that they are ready to help countries affected by the coronavirus through their emergency lending programs and other tools.
There were signs that the economic impact was continuing to mount. A measure of China’s manufacturing outputAnd the Organization for Economic Development, a research organization made up of mostly advanced economies,the viral outbreak “presents the global economy with its greatest danger since the financial crisis” in 2008.
For investors, the great amount of uncertainty over how consumer behavior and spending will be affected has been unsettling. “The fear factor is still very high,” said Kirk Hartman, president of Wells Fargo Asset Management. “Do you really want to own a 10-year Treasury at 1 percent? I don’t think so. I think this is a classic market in crisis.”shutting down industrial centers, emptying shops and severely crimping travel
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