US Federal Reserve Chair Jerome Powell issued a statement in which he said that the coronavirus ‘posed an evolving risk’ and the Fed stood ready to take action if needed. Cornerstone Macro economist Roberto Perli said in a note “The Fed has bungled its message on the virus, has confused markets, and has painted itself into an untenable corner,” adding, “Unless the virus is contained quickly, rate cuts in March and beyond are a base case, regardless of recent comments by various officials.”

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