COVID-19 Virus has an Upside for U.S. Consumers

It’s a fact, the U.S economy, almost 70% of it, is driven by the consumer and consumer spending. As the COVID-19 virus makes its way around the world, oil prices have dropped 30%, from the start of the year and that should quickly be appearing at the gas pump. The average rate on the 30-year fixed mortgage rate has fallen to an 8-year low. In the short term this is all positive news for U.S. consumers. On the flip-side, economists are warning that the COVID-19 virus could tip the U.S. economy into a recession, should the outbreak continue to escalate in the U.S. and around the world.