The Federal Reserve has delivered a punchy 50 basis point emergency rate cut, and we suspect there could be more to come. What started out as a supply chain shock for the US has morphed into a financial shock, as markets recognise that the coronavirus will have a much broader impact on the global economy. The concern now is that the fear factor surrounding the outbreak will change corporate and consumer behaviour, prompting a wider demand shock too. This is most likely through the service sector of the economy with travel, hotel accommodation, restaurants and leisure-related sectors looking vulnerable. Add in the ... (full story)