‘Just damage containment’: Cost of the coronavirus shutdown keeps rising

“The Federal Reserve and Congress are helping avert for now a massive self-feeding economic and financial decline that threatens a devastating combination of a 1930s-like depression and a 2008-like global financial crisis. That’s the good news,” said Mohamed A. El-Erian, chief economic advisor at Allianz. “There will definitely be a need for a phase four.” The timeline for more action would be “dependent on how long it takes for health policy to get its arms around virus containment, treatment and immunity,” El-Erian said. “The quicker this happens, the more phase…

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