Market participants are not making 'rational' decisions when trading on the back of the coronavirus outbreak, an economist told CNBC's 'Squawk Box Europe' Friday.
Market participants are not making "rational" decisions when trading on the back of the coronavirus outbreak, an economist told CNBC's "Squawk Box Europe" Friday.
"We are all guessing, anyone who's banging the table and says 'It is going to be A,B,C' is deluded, we just don't know," Ian Shepherdson, chief economist at Pantheon Macroeconomics, told CNBC. "The issue here is that the Treasury is the safe haven asset of the world, when we have an unknowable … in that environment fear takes over everything and when fear takes over everything, stocks are sold and the 10-year Treasury is bid," Shepherdson said Friday.
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