DEVELOPING: Markets around world plunging Monday, as oil price war adds to coronavirus fears. Dow set to open with another sharp decline around 1,300 points; 10-year Treasury yield was pushed to an all-time historic low of 0.3% by early morning.
The sell-off comes as fears mount that the viral outbreak will further disrupt supply chains, travel, and production around the world.
Conditions worsened after the world's oil-producing countries failed to strike a deal at a meeting between cartel members in Vienna last week. The stalemate continued over the weekend, with Saudi Arabia and Russia reportedly planning to ramp up production on their own terms after the current deal expires at the end of the month.
The market mayhem means participants are now pricing in an additional rate cut from the Federal Reserve, anticipating the central bank will this month slash the current range of 1 to 1.25 percent all the way down to zero, a level not seen since the financial crisis. The next Fed meeting is set for March 17-18, in Washington, D.C., but some market watchers say a move could come sooner. The economic fallout from the virus pushed the Fed to, the first time it has made such a decision since the Lehman Brothers bank collapsed in 2008, one of the triggers of the recession.
"The sky is falling. Wall Street’s woes have to eventually hit Main Street’s economy hard,” said Chris Rupkey, chief economist at MUFG Union Bank.
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