Bank of America’s chief economist warned clients Thursday that the U.S. is now in “a recession,” according to a media report.

The CNBC network said Michelle Meyer wrote in a letter that the U.S. economy is in a “deep plunge” amid the coronavirus outbreak that has killed 150 people across the country.

“We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” the letter read. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The bank expects the economy to shrink 12%

Read more: US economy has 'fallen into a recession': Top economist