Markets
More expansionary monetary policy is expected globally, although central banks cannot deaden the supply-side disruptions caused by the COVID-19 outbreak. On the demand side, the impact is negative but to an unquantifiable degree, apparently suggesting that some central banks may prefer to wait before cutting rates. But this could be a mistake as they can't possibly take the chance for this thing to get worse.
Whether markets view lower interest rates as the solution to weaker virus-impacted activity is another matter. And this is a significant concern as if Fed monetary policy can't paper over the cracks as a short-term fix; the global capital markets will be on a world of hurt
The wicked moved in US yields, with the 10-year coat-tailing the 30-year in plumbing new all-time lows over the past 12 hours, is foreshadowing a growth shock of the magnitude not seen before.
The S&P 500 is down ~8% since Feb 19 as the 'buy the dip' mentality has long left the playbook for US equities, which have historically been supported by a dovish Fed.
Asia's equity markets are trending weaker, albeit in a more contained fashion than the selloff in US markets overnight probably due to the extraordinary focus on reverse Yankee mania with the virus arriving at the US markets doorstop