We have been awakened to the risks of the coronavirus by focused media attention. Checkout lines are long and store shelves are bare for essential items in many instances. A colleague noted that a pallet of toilet paper was gone within her trip to the grocery store, which included a 35 minute wait for checkout. Events are being cancelled left and right and social distancing has firmly entered our lexicon.
Similarly, markets are adjusting to the reality that efforts to limit the spread of the virus will induce a global recession.