CNBC Economy

"The next eight weeks are critical," Trump said as he declared a national emergency over the coronavirus outbreak, freeing up as much as $50 billion for states' use.

The move comes in response to market demand that the Fed act immediately to quell what has been an extraordinarily volatile time in the bond market, with yields sinking to historic lows amid rising liquidity concerns.

Trump said people with federal student debt won't have to pay interest amid the coronavirus. That means borrowers could put their payments on pause without any penalty.

After falling to a record low just two weeks ago, mortgage rates are surging higher again. This comes as real estate agents try to deal with a new normal in what was supposed to be a busy spring housing market.

The United Auto Workers is in negotiations with Fiat Chrysler and other companies regarding compensation for quarantined employees being monitored for the coronavirus.

"It seems appropriate to characterize it as a novel-global recession," said JPMorgan's chief economist.

"The Federal Reserve must FINALLY lower the Fed Rate to something comparable to their competitor Central Banks," Trump tweets, calling out Fed Chair Jerome Powell by name.

S&P estimates roughly 50 million insured Americans will eventually get the new coronavirus.

A payroll tax cut has not been included in the coronavirus aid package that is reportedly being finalized in negotiations between the White House and House Democrats.

Wall Street is increasingly expecting the Fed to use more firepower next week and take interest rates back to the zero bound.

Mnuchin spoke Friday to CNBC's "Squawk on the Street" program.

As the coronavirus spreads around the country, small business owners are beginning to feel early impacts such as supply-chain problems and lost sales.

"They know nothing. We know more than they do, and that's not acceptable either," CNBC's Jim Cramer said.

The number of Americans filing new claims for unemployment insurance fell last week for a second straight week, an indication that the coronavirus had not yet hit the labor market in a major way.

The report came on the heels of data on Wednesday showing a surprise rise in consumer prices in February and steady increase in underlying inflation.

Blinder said the cause of the current downturn is "fear of shopping" and being in public places where the COVID-19 strain can be spread.

U.S. consumer prices increased slightly last month, driven higher by more expensive food.

The escalating coronavirus outbreak is giving the U.S. Federal Reserve a policy headache like never before: how to judge the potential impact on the economy in the absence of reliable data on how fast the flu-like illness is spreading across the U.S.

Investors should avoid getting too bearish after Monday's global market rout, according to Patrick Armstrong, chief investment officer of Plurimi Investment Managers.

A range of banks and financial institutions have offered their worst-case scenarios for 2020, as the spread of the new coronavirus impacts the global economy and roils financial markets.