Fed’s Powell says risks to the U.S. economy remain, particularly from the coronavirus

[IsailedawayfromFR]

Some of the forces that held down U.S. economic growth last year have eased, but risks to the outlook remain, particularly from the coronavirus, Federal Reserve Chairman Jerome Powell said Tuesday.

“We are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy,” Powell said, in testimony prepared for a House Financial Services Committee hearing later Tuesday.

The Fed’s report to Congress on monetary policy noted fragility in China’s corporate and financial sector that could leave it vulnerable to an adverse shock.

Earlier Tuesday, Tedros Adhanom Ghebreyesus, the director general of the World Health Organization, said coronavirus is “a grave threat for the rest of the world” amid some signs the rate of infection may be slowing.

Although the semi-annual hearing on Fed monetary policy doesn’t start until 10 a.m., the House panel decided to release the Fed chairman’s testimony a few hours early.
https://www.marketwatch.com/story/feds-powell-says-risks-to-us-economy-remain-particularly-from-the-coronavirus-2020-02-11

Haven't read much on this threat to our economy, but we should be concerned.

Am using current runup in stock market to cash in some of those fantastic gains accumulated during past couple of years.

[Applewood]

Well, this virus was blamed for a major drop in the stock market a few days ago, although the last couple of days some good economic news has offset its effects. 

As  of noon, the Dow is up 177 points on some good earnings reports.