Peter Cardillo — Spartan Capital Securities, chief market economist We closed down early 1200 points on the Dow, and now we are in correction Territory.
But not suggesting that we are entering in bear market. For this correction period, we may see some 3-5% more until get stabilized.
What we are seeing now is panic selling, I suspect that in bond market, yields are collapsing, forcing the Fed to take some actions.
But I don’t think they will move until see the evidence that coronavirus impacts global economy.
Correction, it may get worse before it gets better.