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- Former Fed Chair Yellen: Coronavirus could throw US economy into recession
Former Fed Chair Yellen: Coronavirus could throw US economy into recession
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We could see a significant impact on Europe, which has been weak to start with, and it's just conceivable that it could throw the United States into a recession.
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If it doesn't hit in a substantial way in the United States, that's less likely. We had a pretty solid outlook before this happened -- and there is some risk, but basically I think the US.
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The global economy was weak but starting to recover before the virus hit
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The decline in the 10-year Treasury yield this week to historic lows. Yields have plunged as fears about the spreading coronavirus have rocked global financial markets.
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Market participants will look to the Fed to provide some support.
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In most developed countries, interest rates are really low -- and they are very low in the United States, but higher than they are in most other developed economies. And the Fed does have some scope -- it's not a cure-all. But it will provide a little bit of support to consumer spending and to the U.S. economy and for financial markets. And, of course, if it becomes very serious, fiscal policy could play a more active role too.
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