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Fed monitors US coronavirus outbreak

UNITED STATES (OBSERVATORY NEWS) — The US Federal Reserve System (FRS) is closely monitoring the possible impact of a coronavirus outbreak on the US and other economies, but it is too early to predict the magnitude and duration of the adverse events.

This was announced on Tuesday by Fed Deputy Chairman Richard Clarida, speaking at a conference of the National Association of Business Economics.

“The forecasts remain risks. In particular, we are closely monitoring the situation with the outbreak of coronavirus, which is likely to have a noticeable effect on growth in China, at least in the first quarter of this year,” he said.

According to the deputy chairman of the Fed, the negative impact could spread “to the rest of the global economy.” “However, it’s too early to even discuss the scale or duration of these phenomena, or whether they will lead to material changes in the forecast,” he said.

“Inflation in the US remains under control. Inflation expectations, determined by reviews and market prices, remain at the bottom of the range in accordance with our authority for price stability.”

The outbreak of the disease caused by the new coronavirus (2019-nCoV) was recorded at the end of December 2019 in the most populous city in Central China – the 12 millionth Wuhan.

The World Health Organization recognized it as an emergency of international proportions, describing it as an epidemic with many foci.

Outside of China, cases of infection have been detected in more than 30 countries, including Russia and the United States. The Chinese authorities recorded 2,663 deaths in the country, more than 27.2 thousand people recovered, the number of people infected during the entire spread of the virus exceeded 77.6 thousand.

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