Market sell-off overdone, Feds Bullard says

The U.S. has a strong economy and will rebound well from the coronavirus outbreak, St. Louis Fed President James Bullard said Friday. While there will likely be a slowdown “for a while,” Bullard said, the U.S. is in a better position than China, which was hit by the virus with no warning of what it was. While he expects some “ripples and disruptions,” Bullard said, many corporate entities have contingency and crisis management plans.”Those kinds of things are going on all over the world but markets seem to be pricing in the very worst outcome here and I’m not sure that’s warranted given the kind of response I’m describing,” he said. Bullard also said that the appropriate response to the outbreak was a public health approach, not more monetary or fiscal policy.