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Coronavirus could drive the US economy into recession, ex-Fed chief Janet Yellen warns

Coronavirus could drive the US economy into recession, ex-Fed chief Janet Yellen warns
Reuters/Jonathan Ernst



Ex-Federal Reserve Chair Janet Yellen warned coronavirus could cause the US economy to shrink, according to Bloomberg.




"It's just conceivable that it could throw the United States into a recession," the former central-bank boss said.




The Fed will shore up consumer spending, the US economy, and financial markets if needed, Yellen added.




Coronavirus has infected more than 82,000 people, killed at least 2,800, and spread to more than 40 countries.




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The rampaging novel coronavirus threatens to choke global growth and might even shrink the US economy, former Federal Reserve Chair Janet Yellen warned on Wednesday.
"It's just conceivable that it could throw the United States into a recession," Yellen said at a Brookings Institution event in Michigan, according to Bloomberg. A technical recession is defined as two consecutive quarters of GDP declines.
Coronavirus — which causes a disease called COVID-19 — has infected more than 82,000 people, killed north of 2,800, and spread to upwards of 40 countries. It has caused cities to lock down, forced factories and stores to shut, and deterred travel, shopping, and other economic activities.
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