Coronavirus poses 'significant threat' to Trump's re-election, top economist Mark Zandi says (via TradingNation)
Despite the record losses, Zandi believes Wall Street is dangerously underestimating the magnitude of a recession.
"The general thinking at the moment is V-shaped — that this is a problem here and now. The Fed eases monetary policy, and we're back up and running pretty quickly. I suspect that won't be the case," he said. "The Federal Reserve does not have a lot of room to maneuver... I don't think policy is up to the task to really juice up this economy to get it going again quickly."wasn't strong enough to sustain the market's record highs.
"Valuations were very stretched. Anything probably would have pushed the stock market back on its heels," Zandi said. "COVID-19 [coronavirus] is more than just something, and that is something very substantive."
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