Citing "in recent weeks the spread of COVID-19 has threatened the economic outlook for the US economy."

  • virus will weigh on the US economy for some time yet
  • virus' factor - supply disruptions
  • early signs of slowing growth in discretionary spending
  • Businesses are also likely to respond to these developments by suspending hiring and, possibly, reducing employment costs.
  • consumer is expected to be particularly vulnerable to these developments

IN brief from a longer note.

Dire stuff.