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The coronavirus is a major threat to the economy and Trump: Mark Zandi


Moody's Analytics Mark Zandi warns that Wall Street underestimates the damage caused by a coronavirus pandemic both on the economy and on President Donald Trump's re-election campaign.

"Right now we don't have a lot of confidence. I mean he doesn't seem to be on the same wavelength with the experts, the CDC," the statement said on Friday. 39; chief economist of the firm at CNBC's "Trading Nation". "He is a major threat to his re-election."

Not only is the response to the medical emergency essential, but an economic downturn caused by the coronavirus would be political kryptonite.

According to Zandi, the likelihood of a recession is skipping.

"They are at least peers," he said. "If you take the most likely scenario and the CDC is pretty much right, it's pretty hard to avoid one."

The historical correction in the market suggests that investors are aware of the risks of recession associated with a coronavirus pandemic.

Equities have just experienced their worst week since the 2008 financial crisis. The S&P 500 is down 14% from its record high on February 19. It is now at its lowest level since October. The Dow has just seen its worst weekly decline.

Despite record losses, Zandi believes Wall Street dangerously underestimates the magnitude of a recession.

"The general thought at the moment is V-shaped that this is a problem here and now. The Fed is easing monetary policy, and we're back on the move pretty quickly. I suspect it won't case, "he said. . "The Federal Reserve does not have much room for maneuver … I do not think that politics is up to the task to really boost this economy and revive it quickly".

Before the coronavirus became a risk, Zandi entered in 2020 warning investors that the economy was not strong enough to support market records. He thought the conditions were ripe for a correction.

Now Zandi is stepping up the call, warning that the chances of a coronavirus pandemic have doubled to 40%.

"The valuations were very tight. Everything would likely have pushed the stock market on its heels," said Zandi. "COVID-19 [coronavirus] is more than something, and it is something very substantial."

The White House has made no statement on Zandi's remarks.


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