Thread: U.S. officials talk down coronavirus market panic, tout economic strength

Originally Posted by NewsFeeder

U.S. officials talk down coronavirus market panic, tout economic strength

Trump administration officials on Sunday tried to calm market panic that the coronavirus could cause a global recession, saying the public had over-reacted and that stocks would bounce back due to the underlying strength of the U.S. economy. The S&P 500 index dropped 11.5% last week as the novel flu-like virus accelerated beyond China's borders, the worst weekly drop since the 2008 global financial crisis. On Friday afternoon, Federal Reserve chair Jay Powell sought to quell fears, stoked by dire economic data from China, flagging that the central bank would take action if necessary to support the economy, which he said remained strong.

https://finance.yahoo.com/news/u-off...html?.tsrc=rss

Of course they tried to calm fears that's what a good leader is supposed to do, not spread panic like "some" are doing.


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