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There’s no playbook for how the world’s largest economy responds to a novel, highly contagious coronavirus – and that just might be the scariest part about dealing with the deadly disease that’s spreading rampant around the globe.
Stocks had their worst day since the financial crisis on Monday, while Treasury yields across the curve plunged to their lowest ever. Investors are betting that the Federal Reserve will cut interest rates closer to zero at its next meeting in as little as one week, while experts are awaiting a fiscal stimulus package from the federal government that could help sustain both companies and individuals who are dealing with the virus.
The number of cases around the globe has now topped 100,000, with more than 700 of those cases in the U.S., according to a dashboard from Johns Hopkins University. As officials work to curtail the spread of the virus, it’s left firms with no choice but to temporarily close their doors. That’s left major companies across the global economy – from Toyota to Apple – with what’s looking like a supply shock on its hands.
Experts’ predictions for the coronavirus’ impact on the U.S. economy range from cautiously optimistic to an outright warning call about a sustained slowdown.
Here’s what our experts said, according to Bankrate’s First-Quarter Economic Indicator survey, which was open between Feb. 12-21.