This Week's State Of The Economy - What Is Ahead? - 20 March 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Mar 21, 2020

This Week's State Of The Economy - What Is Ahead? - 20 March 2020

U.S - Shock and Awful

  • Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
  • Financial markets seized up as it became clear just how much, and for how long, economic activity could be interrupted.
  • The situation has rapidly progressed beyond being either a “demand shock” or a “supply shock”; it is an unprecedented interruption and reorganization of economic life.
  • We still have very few clues on how sharply spending will fall, but the incoming data will be unprecedented. Jobless claims will be in the millions next week.

 

Global - Easing Everywhere

  • It was a wild week for the global economy as concerns continued to mount surrounding the negative consequences of the coronavirus outbreak. Many central banks across the globe opted to cut interest rates this week, including the Reserve Bank of New Zealand. The central bank cut its policy rate 75 bps to 0.25%, while the Reserve Bank of Australia also cut interest rates 25 bps to 0.25%, and introduced quantitative easing measures. In a surprise move, the BoE cut rates 15 bps and increased its bond purchase program. Among other central banks to ease monetary policy include the central banks of Korea, Chile, Brazil, Turkey and Japan, as well as the ECB.



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