Economic data from the first two months of the year means nothing in a period of panic.
The worst conditions one can imagine are being priced in financial markets. This is being caused by the fear of the unknowns, with respect to the coronavirus being the major unknown, but there are others. The political outlook of investors betting on the reelection of Trump is now being called into question as the democrats whittle down the field of potential presidential candidates. The collapse of oil prices, as OPEC failed to reach agreement on production levels in a declining demand environment, is a further drag on investor attitudes.
PROBANK AUSTIN ADVISOR - MARCH 9, 2020