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Stocks tumble after double whammy of warnings from Fauci and Fed over pandemic economy

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Central bank officials cited risk of the potential for massive bankruptcies that could create a lasting scar

Stocks tumbled after a U.S. official warned against a premature reopening of the economy amid a dire outlook from Federal Reserve regional chiefs. Treasuries and the dollar climbed.

“You will get business failures on a grand scale and you will be taking risks that you would go into depression” if shutdowns persist, Federal Reserve Bank of St. Louis President James Bullard said in a video speech from that city Tuesday. Minneapolis Fed President Neel Kashkari warned of a “gradual, muted recovery” from the outbreak, while Dallas Fed President Robert Kaplan said the economy will need more fiscal stimulus if the jobless rate continues to rise.

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