Coronavirus: Pimco says worst is to come with recession forecast for US and Europe

LOS ANGELES - The US and Europe face the"distinct possibility" of a technical recession in the first half as the coronavirus outbreak dampens demand and supply and drives investors to safe havens, according to Pimco, one of the world's largest investment firms.

Fels joins a growing number of analysts sounding alarms about the seriousness of the coming downturn, including Scott Minerd of Guggenheim Partners, JPMorgan Chase & Co's Michael Feroli and Chris Rupkey of MUFG Union Bank. MORE RATE CUTS The Pimco economist also predicted further interest rate cuts by the Federal Reserve. Similar moves to ease monetary policies by other central banks, including those in emerging markets, could also come over the next few weeks. He also expects further fiscal easing by governments to support demand to aid an economic recovery.

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