The details are still to be hammered out, but it seems already a nailed-on certainty that one of the consequences of the coronavirus pandemic will be a big expansion of the state into the economy, both in the U.S. and farther afield. That ought to limit the short-term impact of the virus, which will be severe. How severe, exactly? St. Louis Federal Reserve President James Bullard, for one, said on Sunday that U.S. economic output could halve in the second quarter and send unemployment soaring. Read more at Fortune.