The U.S. Federal Reserve on Sunday announced a suite of measures aimed at cushioning the U.S. economy from the virus outbreak, including lowering benchmark interest rates to zero.
to mitigate the economic impact of the new coronavirus outbreak. COVID-19 has infected more than 150,000 people and killed at least 5,746 people globally, according to the World Health Organization.
The analysts said they expect the U.S. economy to register zero growth in the first quarter, contract by 5% in the second quarter before recovering sharply for the rest of 2020. Randy Kroszner, who was a Fed governor from 2006 to 2009, said the Fed still has some other tools they can use other than cutting interest rates.
"The Fed can do a lot to provide liquidity to do the markets, but it can't solve a disruption in supply chain, it can't cure a virus," he told CNBC's "Squawk Box Asia" on Monday.
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