The world economy could stumble into a recession if the coronavirus outbreak is not contained quickly, former White House economist Kevin Hassett warns.
Hassett, speaking in the midst of the worst week on Wall Street since 2008, expressed concern about the rapid spread of the coronavirus around the world, including in warmer-weather places like Iran."If people are able to spread it outside of the flu season, then this has legs through the summer and you're absolutely looking at a recession globally," Hassett, a CNN economics commentator, told CNN's Poppy Harlow.
Yet Janet Yellen, the former chair of the Federal Reserve, said Wednesday the spillover from global economic weakness could"throw the United States into a recession." The market mayhem has prompted calls for the Federal Reserve to take action. Kevin Warsh, a former governor at the Fed, urged global central bankers to take coordinated action.Investors are predicting dramatic Fed action, the kind unseen since the 2008 financial crisis.
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