CNBC reports that Bank of America warned investors that a coronavirus-induced recession is no longer avoidable - it's already here.

"We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge," Bank of America U.S. economist Michelle Meyer wrote in a note. "Jobs will be lost, wealth will be destroyed and confidence depressed."

The firm expects the economy to "collapse" in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said.

Bank of America looked at the labor market as a way to understand the "magnitude of the economic shock." The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.

As the economy continues to face uncharted territory, Meyer said "salvation" will come from aggressive action. "When it comes to the policy response, there should be no upper bound for the size of stimulus, in our view," she said.