CNBC Economy

The New York Federal Reserve said Monday it will increase the amount of money it is offering to banks for their short-term funding needs

Bank of America created a list of possible recession triggers to monitor the state of the markets and the economy.

The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%.

Larry Kudlow, director of the National Economic Council, discussed the coronavirus outbreak Friday on CNBC's "Squawk on the Street."

Larry Kudlow told CNBC on Friday that he doesn't want to "panic on policy measures" designed to combat the new coronavirus.

The U.S. trade deficit narrowed more than expected in January as imports declined, and further decreases are likely as the coronavirus outbreak disrupts the flow of goods and services.

The U.S. Federal Reserve lowered its benchmark rate by 50 basis points this week — and investors are expecting more.

In the central bank's periodic report from its member districts, officials reported activity growing at a "modest to moderate pace."

"When I say panicked, it doesn't mean it's not justified," DoubleLine Capital CEO Jeffrey Gundlach said about the Fed's surprise cut this week.

The number of Americans filing for unemployment benefits fell last week, suggesting the labor market was on solid footing despite the coronavirus outbreak, which has stoked financial market fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.

U.S. productivity in the fourth quarter was seen rising by 1.4%, in line with the prior reading.

The report came a day after the Fed slashed its benchmark overnight interest rate by a half percentage point to a target range of 1.00% to 1.25%, in the U.S. central bank's first emergency rate cut since 2008 at the height of the financial crisis.

U.S. Federal Reserve policymakers are unmoved by political pressure, according to Cleveland Fed President and CEO Loretta Mester.

Employment rose by 183,000 for the month, according to a report Wednesday from Moody's Analytics that topped the 155,000 that economists surveyed by Dow Jones expected.

Other major central banks have scheduled meetings in the coming weeks and could follow the Fed's lead.

No sooner had the central bank announced the reduction than market participants began speculating about what was next.

Markets had been widely expecting the U.S. central bank to take some type of action, with anticipation of a 50 basis point cut by the next Federal Open Market Committee meeting later this month.

"It's great that the Federal Reserve recognizes that there's going to be weakness, but it makes me feel, wow, the weakness must be much more than I thought," CNBC's Jim Cramer said.

The Australian central bank cut rates to record lows and noted the impact of the coronavirus outbreak.

"The magnitude and persistence of the overall effect on the U.S. economy remain highly uncertain and the situation remains a fluid one," he said.