CNBC Economy

Some of the biggest policy proposals so far include an announcement from Treasury Secretary Steve Mnuchin that the government is looking at mailing Americans cash assistance and legislation passed by the House of Representatives that provides paid sick leave to some American workers this year.

"America will end as we know it. I'm sorry to say so, unless we take this option," Ackman said.

The first wave of bad economic news directly related to the coronavirus crisis is likely to come from weekly jobless claims figures.

The double-barreled approach of a $1 trillion proposed fiscal stimulus program and Federal Reserve policy could help soften the blow of a recession.

U.S. homebuilding fell in February, pulled down by a sharp decline in the construction of multifamily housing units, and could continue to weaken as the coronavirus pandemic disrupts economic activity.

U.S. Treasury Secretary Steven Mnuchin warned Republican senators that the country's unemployment rate could hit 20% if they failed to act on a proposed coronavirus rescue package and there was lasting economic damage, a person familiar with the closed-door meeting said.

"They want to be part of the solution this time," said one analyst.

A spike in interest rates abruptly ended the refinance boom, pushing mortgage application volume down 8.4%, the Mortgage Bankers Association said.

The order from Democrat Steve Sisolak Tuesday night follows similar moves by more than 10 other governors as states scramble to mitigate the risk of exposure to COVID-19.

In the central bank's latest effort to keep credit markets flowing, the Fed announced a Primary Dealer Credit Facility, which will provide up to 90 days.

Labor unions and some lawmakers want worker and consumer protections if airlines get more than $50 billion in government aid to fight the impact of the coronavirus.

The White House is seeking a stimulus package worth anywhere from $850 billion to over $1 trillion in a bid to battle the economic impact from the coronavirus pandemic.

"We're hiring every day," Kroger CEO Rodney McMullen told CNBC.

In a move much anticipated on Wall Street, the bank announced a special credit facility to purchase corporate paper.

Retail sales fell 0.5% in February, indicating the consumer sector was slowing even before the coronavirus struck with force in the U.S.

Morgan Stanley warned investors on Tuesday that the coronavirus pandemic is fundamentally disrupting the world's economy.

Even if every American is given $1,000 to ride out the coronavirus crisis, it's still going to be difficult for the U.S. economy to stay afloat, said Andrew Levin, a former special advisor to the Federal Reserve Board.

"The coronavirus outbreak has harmed communities and disrupted economic activity in many countries," the Fed said.

The U.S. should follow Hong Kong's lead and give a cash handout to its citizens amid the coronavirus pandemic, a strategist told CNBC Friday.

The Federal Reserve announced it will begin buying $200 billion of mortgage-backed bonds, a move that will stabilize and likely lower mortgage rates, which moved sharply higher last week.