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The Federal Reserve, the Department of the Treasury and Congress have undertaken unprecedented actions to buy financial assets, unclog the pipes of the financial system and increase its capacity. Congress has also taken swift action, passing three phases of stimulus packages as of the time of this discussion. In the third and final segment of our series on how COVID-19 is impacting the financial markets, Ken Bentsen, SIFMA President and CEO sits down with Rob Toomey, head of SIFMA’s capital markets practice, and Coryann Stefansson, head of prudential capital and liquidity policy for an overview of the Fed and Treasury’s actions so far, as well as those of the Congress, the market’s response, and what might be ahead.

SIFMA’s team continues to closely monitor the novel coronavirus (COVID-19) and its impact on our industry and the markets; guidance and resources for the industry are available at www.sifma.org/bcp.

Update: Hours after we published this...

13:58 As COVID-19 continues to spread, the global impact to the economy also continues to evolve at an unprecedented speed. J.P. Morgan Research examines what lies ahead for the markets as we head into a global recession, the series of policy responses around the globe and which sectors will be hit the hardest.

Editor's note: This article has been updated since its original publication to include recently released data and commentary.

In just a matter of days, the fight against the coronavirus pandemic—in Italy, broader Europe and the U.S.—has significantly intensified. While most governments and private companies in these economies are initiating more stringent social-distancing measures to contain the spread of the outbreak, the economic damage to the global economy could be significant.

Coronavirus has pushed the global economy into a recession of historic proportions and halted the longest-lasting equity bull market on record. As infections spread globally, economic activity collapses, markets recoil and policymakers respond, the depth and duration of the economic and market downturn is Top of Mind.

Barclays Research expects the global economy to contract over full-year 2020, with a very sharp downturn giving way to a slow recovery, helped by extraordinary monetary and fiscal measures, as described in the Q2 2020 Global Outlook. Head of Macro Research Ajay Rajadhyaksha outlines why our economic outlook, while dire, is not a direct parallel to the aftermath of the 2008 financial crisis.