The yields we're seeing now are those we would have anticipated in a U.S. recession: Strategist

Drew Matus of MetLife Investment Management, Anastasia Amoroso of J.P. Morgan Private Bank, and Jenny Harrington of Gilman Hill Asset Management discuss the massive market declines this week, and whether a rate cut by the Fed would make a difference. Stock markets around the world are tumbling into correction territory as fears of a possible pandemic escalate, with cases of the new coronavirus surging outside China. More than 83,000 people in around 50 countries have now been infected. World Health Organization Director General Tedros Adhanom Ghebreyesus said on Thursday that the virus has “pandemic potential.” The MSCI ACWI and MSCI World index, both equity benchmarks that track global firms, are both down by around 9% since Monday and are set to mark their worst week since 2008. In Europe, the Stoxx 600 fell 3.6% to close Thursday’s session in correction territory and was down a further 4% on Friday, also heading for its worst week since October 2008. As of Friday afternoon in the Asian trading session, seven major Asia-Pacific indexes have entered corrections: Japan’s Nikkei 225, China’s Shanghai composite, Hong Kong’s Hang Seng, South Korea’s Kospi, Australia’s S&P/ASX 200, Singapore’s Straits Times index and Thailand’s SET composite. Friday has so far seen the first cases of the virus confirmed in New Zealand, Belarus, Lithuania and Nigeria, the most populous country in Africa. Valentin Marinov, head of G-10 FX research at Credit Agricole, told CNBC’s “Squawk Box Europe” on Friday morning that the outbreak has the potential to trigger the next global recession. Stateside, the Dow plunged nearly 1,200 points on Thursday, its biggest single-day point drop in history, though not its largest decline on a percent basis. The S&P 500 and Nasdaq also fell into correction from record highs just six days ago on Thursday. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=yo... » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV