Fed's Rosengren: We expect the unemployment rate to rise dramatically

"Today, we're witnessing the pandemic's stark effects on public health," Boston Federal Reserve Bank President Eric Rosengren said in his prepared remarks on Wednesday, per Reuters. "Meanwhile, the necessary response – social distancing –  has stilled our strong economy, disrupting countless lives and livelihoods." 

"We must continue to adapt as the crisis proceeds," Rosengren added. "Unfortunately, we expect the unemployment rate to rise dramatically."

Risk aversion

As of writing, the Dow Jones Industrial Average and the S&P 600 were both down around 3.5% on the day while the Nasdaq Composite was erasing 3.3%.