Former Trump administration economic adviser: 'Odds of a global recession are close to 100 percent'
White House economic adviser Larry Kudlow predicted Monday that the coronavirus outbreak is a short term economic hurdle — a matter of"weeks and months," he said — rather than a harbinger or longer-term strife in the U.S. economy.
“He was very calm about the market. It is what it is,” Kudlow said of the president. “We think it's going to get better, but we'll see how that goes." Hassett said “millions and millions of people” are typically hired and fired each month, but because hires will remain close to zero and the number of firings will be constant, “you’re looking at one of the biggest negative jobs numbers that we’ve ever seen.”
Story continuesThe Federal Reserve on Sunday moved to soothe the markets — slashing interest rates to essentially zero and launching a $700 billion quantitative easing program to protect the U.S. economy from the effects of the virus.
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