Biggest U.S. Bank Forecasts Deep Recession

JPMorgan expects the coronavirus pandemic to sink the U.S. economy into a deep recession as soon as this summer, Business Insider reports.

JPMorgan’s views of the virus “have evolved dramatically in recent weeks” as the outbreak spreads further around the world and fuels the worst stock market sell-offs in decades. The US economy will shrink by 2% in the first quarter and 3% in the second.