In market terms, think of the coronavirus as a three-legged stool where if one of the legs isn't firmly attached, the whole thing will tip over.
, the unemployed and businesses that have been displaced by the way the coronavirus has seized the national economy and brought key industries to a virtual standstill. There finally are signs that this leg soon will be nailed down.
There's been plenty of fear lately as a stock market that had been thriving just a month ago has suddenly wiped out a couple years' worth of gains. Investors worried about prolonged economic paralysis, creating a glut across markets that buyers have been loathe to absorb. None of those measures taken to attach those two legs to the stool will matter, though, without a clear path to daylight on the health care side."We're going to need to see Fed policy stop the bleeding in market functioning. We're going to need to see Congress pass some legislation. We're going to have to appreciate the bad news that we are getting is just temporary.
Weekly jobless claims, for instance, are forecast to hit 1.5 million when that number comes out Thursday, according to economists surveyed by Dow Jones. The number could be double that if some Wall Street predictions are true. Also, St. Louis Fed President James Bullard said this week that the short-term unemployment rate could hit 30%, which actually would be worse than the Depression., according to some estimates.
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