Markets are down nearly 30% and recession fears are growing, though White House officials deny that's on the horizon.
... [+]As the coronavirus continues to roil markets and leads to widespread business shutdowns, a growing number of economists, former administration officials and top firms on Wall Street have been arguing that the U.S. is already in a recession, despite claims to the contrary from White House officials.CNN last Friday. “This has really become a major public health crisis, which has in turn curtailed consumer demand,” Cohn said.
According to Oxford Economics chief U.S. economist, Gregory Daco, “the U.S. is already in a recession,” with the global coronavirus pandemic set toa “profound, pervasive and persistent reduction in [economic] activity across the nation.” Those dire forecasts go against the narrative of top Trump administration officials, however: Despite forecasting a significant economic slowdown due to the coronavirus pandemic, Treasury Secretary Steven MnuchinAnother top White House official, trade advisor Peter Navarro, also vehemently denied claims of a recession in aon CNN where he was asked about the Trump administration’s attempts to stabilize tumbling financial markets.
Just three weeks ago, the stock market was at record highs—but is now down almost 30% from those levels. Trading has beenCrucial quotes: When asked if the U.S. was now in a recession—as many economists and top Wall Street firms have already suggested, Mnuchin
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