American economists see recession despite Fed cuts due to COVID-19 crisis


American economists and bankers are seeing a recession despite the 50 percentage points cuts on interest rates by the United States Federal Reserve. Although majority are still clueless as to the substantive effects of. the COVID-19, but the fact that the US allocated US$8 trillion pesos highlights the seriousness this issue is in relation to market performance.

CNN reports that members of the US market are “at extreme fear”

Travel and energy share prices in the US stock markets had been slashed by half. US stocks. extend losses amid coronavirus scares which spikes volatility by about 15%. This means that small and medium sized enterprises are expecting bad numbers for the next two to three quarters.

OPEC has failed to strike a deal with Russia after federation officials refused to further ease oil production by 3.6 million barrels a day, something that keeps international crude prices at its lowest. Market analysts see crude oil prices down. at US$35-40/barrels.

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