Because the coronavirus brings the U.S. economic system to a slowdown, if not a halt, many are apprehensive {that a} recession is coming.

A recession is technically outlined as a decline in gross home product for 2 consecutive quarters. So it may possibly take a while to formally know that we're in a single.

The Federal Reserve took motion on Sunday by slicing the Fed funds fee goal to 0% to 0.25% and making a $700 billion program to purchase Treasurys and mortgage-backed securities.

However time will inform whether or not these strikes are sufficient to stop a downturn. 

"I feel recessionary situations are positively a threat and we're coping with a lot uncertainty now on how this virus scenario unfolds and what the financial influence seems to be, no one actually is aware of," former Atlanta Fed president Dennis Lockhart mentioned on CNBC's "Squawk Field Asia" on Monday.

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