Author: wazup

Feroli added that he thought activity could begin to ramp up slowly starting in June, “but not quite to where it was before. We do see growth down for the year by 7 percent.” This suggests Trump is not likely to get his wish, issued on Twitter on April 8, that once he enters the relaunch codes, all damage from the coronavirus will suddenly evaporate and the economy will rock once more. “Once we OP...

Stay-at-home orders have reconfigured daily life so thoroughly that many businesses have had to adapt in creative and surprising ways, even in sectors not staring down imminent disaster. Workers and employers in a variety of under-the-radar industries around the country told POLITICO about how they’re struggling or managing to change. Private investigators Stay-at-home orders have made many aspect...

“Countries urgently need to work together to slow the spread of the virus and to develop a vaccine and therapies to counter the disease,” the report said. “Until such medical interventions become available, no country is safe from the pandemic (including a recurrence after the initial wave subsides) as long as transmission occurs elsewhere.” Also Tuesday, finance ministers ...

Davis countered that Roy’s approach to the pandemic would endanger public health and further damage the economy. Roy, she said in an interview, should spend less time on radio shows comparing mayors and judges to “dictators,” and “more time working to make sure Texans are getting the critical medical and economic support they need.” Other early flaps have involved statewide leaders who aren’...

The yield curve inverted again last summer, and Harvey called it a “code red” to financial markets that a downturn was coming in 2020. But the viral outbreak got here first, bringing commerce to a historic halt and throwing the outlook for the next year or more into radically uncertain territory. What can we expect next? And how can we mitigate the damage? In an interview with POLITICO Magazine, t...

The massive infusions of cash from central banks and governments around the world will help. But new approaches will ultimately be required, Rogoff argued, including possible global debt moratoriums for emerging-market economies such as India likely to be slammed by the virus. He also said central banks such as the Fed may be forced into unprecedented steps to revive growth — such as lowering inte...

Trump has said the White House will move ahead with reopening the economy even without the capacity to test every American for the virus. Roughly 328 million people live in the U.S., with only 2 million coronavirus tests completed as of Friday. Dr. Tony Fauci, director of the National Institute of Allergy and Infectious Diseases and a member of the White House coronavirus task force, said last wee...

“People want to get back to work. … We are setting up a council of some of the most distinguished leaders in virtually every field, including politics, business and medical. And we’ll be making that decision fairly soon,” Trump said in a Saturday interview on Fox News. Fauci on Sunday called for a “rolling reentry” and a solution “that is not one size fits all” to prevent a potential r...

“There’s something good going to happen. I really believe that. There’s something very good going to happen. We have to get back,” Trump said at a Friday news conference. Nearly 17 million Americans have filed claims for unemployment benefits over the past three weeks, already exceeding the total number of jobs lost over 18 months from the Great Recession of 2007-09. “People aren...

The new group comes as the president has expressed his eagerness for several weeks now to shake the country from its self-imposed social and economic lockdown, though medical experts have warned that resuming business as usual before the virus is under control and widespread diagnostic measures can be implemented could have dire consequences. Trump indicated Friday that the new group would look fu...

Markets aren’t infallible, and sometimes their read on the situation is wrong. But often when they’re wrong, they skew toward pessimism, reacting quickly and aggressively to negative news or even the hint of it. At the end of 2018, for instance, stocks plummeted 20 percent or more based on the fear, unfounded, that rising interest rates would cripple activity. It’s often been said, derisively, tha...

While banks have said they have been unable to send money to small business borrowers amid the chaos, Kudlow said there were “$50 billion in loan commitments” and 178,000 loans being processed. “If the demand is that high, which I would regard as a good thing because we just want to get folks through this tough period, why not ask for more money?” he said. The Treasury Depa...