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Stranger Than Fiction
A brief daily note of things you might find interesting or useful
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TOP NEWS
Coronavirus drastically altered public American life this weekend. The CDC recommended that for the next 8 weeks, organizers (whether groups or individuals) cancel or postpone in-person events that consist of 50 people or more throughout the U.S.
Schools around the country are beginning to shut down starting this week, as early as today. Many businesses are either operating with remote workers or completely shut down. Most federal workers will still be working.
Airports were packed this weekend with thousands of travelers returning from home facing advanced screenings.
The Federal Reserve cut rates to near zero. Dow futures halted limit down before the market opened, with a drop of over 5%. Futures point to 1,000+ point decline at the open for the Dow.
The largest U.S. banks put buybacks on hold and promised to put capital to use to help consumers and businesses impacted by coronavirus.
There are now 169,387 confirmed coronavirus cases worldwide. 6,513 people have died. There are now 3,774 cases in the U.S. and 69 deaths. Deaths outside China have surpassed those inside the country.
Two emergency room doctors are critically ill with coronavirus. There is concern that the virus will make it difficult for health care workers to tend to patients and there is likely not to be enough hospital beds available when the pandemic reaches record levels.
THE ELECTION
THE COMMENT
From The Wall Street Journal…. The Fed’s second emergency rate cut this month—disclosed Sunday evening -- hasn’t been well-received since it appeared to investors to be a “sign of desperation,” said Terence Wong, chief executive of Azure Capital, a Singapore-based fund management firm.
“It’s basically using up all their ammunition within a three-week span,” said Mr. Wong. “There’s nothing left. They can’t use monetary loosening as part of their arsenal anymore.”
THE STRANGEST
THE AV ROOM