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Stock impact report

Resilience of U.S. Economy Tested by COVID-19 Outbreak and Oil Price Shock

Federal National Mortgage Association (FNMA) 
Company Research Source: PR Newswire
WASHINGTON, March 12, 2020 /PRNewswire/ -- According to the latest commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group, the COVID-19 (coronavirus) outbreak and sharp decline in oil prices are likely to result in decreased economic growth. Assuming the outbreak is relatively short-lived, the ESR Group is currently forecasting 1.8 percent full-year 2020 growth, down from its prior month forecast of 2.2 percent. Real GDP growth is now forecast to approach zero in the second quarter before an expected recovery in the second half of the year. However, if the crisis worsens considerably or lasts longer than a few months, a more substantial slowdown or contraction in the global economy is possible. In response, the ESR Group expects the Federal Reserve to maintain its accommodative posture and reduce the federal funds rate by an additional 50 basis points at its next meeting. In early 2021, assuming greater economic stability, the ESR Group expects the Fe Show less Read more
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