OMAHA, Nebraska - Despite a dramatic, coronavirus fueled drop on Wall Street at Monday's open, Creighton University Economist Ernie Goss takes a Midwest perspective on the issue.
Goss tells KFAB Radio News, "Even in the mid-section of the country and maybe especially in the mid-section of the country that deals with a lot with Asia. The supply chains to Asia are really having some negative impacts."
Goss says the market was already overpriced and there was a need for a correction but this is really overdoing it..
Goss says there are actually "some" positives to this correction that include another interest rate reduction later this month. He says, "Unfortunately, that just isn't going to do it. The economy is likely to move into negative territory, in my judgement, for the first quarter. The second quarter I think we will see a rebound though."
Goss produces the monthly Mid-America Business Conditions Index for the Midwest Region that includes Nebraska and Iowa.