(Bloomberg) -- Scott Minerd, who oversees about $215 billion for Guggenheim Investments, said the coronavirus is “possibly the worst event of in my career” as a money manager because of its potential to spread globally and the fact that the Federal Reserve has few tools to reverse its economic impact.

“The Fed is fairly impotent in this environment,” Minerd, 60, said during a Bloomberg Television interview on Thursday.

U.S. stocks fell for a sixth consecutive day and entered correction territory as the virus spread into more countries in Europe, Asia and Latin America. Minerd, who mostly manages fixed-income securities, has warned of economic perils for months.

Among his other comments:

• The Fed may lower interest rates in March but will try to avoid sending a signal that stirs further fears
• If the coronavirus spreads further in the U.S., markets could have more downside, with stocks potentially falling as much as 40% from the peak

(Updates with more comments from interview)

To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net

To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Josh Friedman, Dan Reichl

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