The Federal Reserve is likely to take further actions to contain the damage for the economy and financial markets. Not only do futures markets indicate the Fed will cut its short-term interest rate target more in the coming weeks, but the yield on 10-year United States Treasury bonds also fell to a mere 0.54 percent, and the 30-year bond now yields only 1 percent. Those numbers strongly suggest investors expect the Fed to keep rates near zero — or conceivably below zero at some point — for a very long time.

The oil price rout — a barrel of West Texas Intermediate Crude was at $31.13, down 25 percent in a single day and around half its level at the start of the year — implies trouble to come in the American oil patch.

Cheaper oil will create benefits for American consumers and for oil-consuming industries. But as the shale gas industry has grown and the United States has become a net energy exporter, the balance has changed in how cheaper energy affects the economy.

The pain of cheap oil will tend to be highly concentrated in oil-producing locations, and will have an outsize impact on capital spending. (Spending on energy is a major driver of demand for heavy industrial equipment.) A telling indicator: Shares of Halliburton, the leading maker of energy equipment, were down 38 percent Monday, compared with about 7 percent for the overall market.

The United States has experienced something like this before, in late 2015 and early 2016, when a drop in commodity prices caused an economic slump that was most pronounced in the oil patch and in heavy industry.

In that episode, the overall United States economy kept humming along because consumer spending and service industries were mostly unaffected. What makes the outlook for 2020 seem so different is that the oil price swoon is coming at the same time coronavirus appears likely to wallop those sectors.

The damage is still highly uncertain. But if large gatherings like conferences and concerts continue to be canceled, and more people decide they will not fly this summer and stay home more generally, it’s likely to cripple the consumer-driven side of the economy.