Economic Insights, March 2020: Roaring into recession
The world economy began a pandemic recession in February. It arrived in the United States in March. Equity and credit market pain was intense because the range of credible downside outcomes was so wide. There were no safe havens.
A temporary equity trough may have been reached on March 18, but market turmoil will persist until the count of new virus cases peaks.
Unprecedented fiscal and monetary measures should keep the virus recession from morphing into an insolvency crisis with prolonged financial upheaval. Read on from our chief global economist's take on the month we've all just lived through.