It appears one of the dumbest thing this Congress and administration have done in the coronavirus response process is about to get undone, via a bipartisan deal to add funds to the paycheck protection program
— NYT’s Neil Irwin: “Our economic data wasn’t built for this. The United States is experiencing an unfathomable collapse in its economic activity. That much we know. But more so than in even in a normal recession, the tools we have to understand what is happening to the economy are becoming distorted or harder to interpret, for a wide range of reasons.”— Reuters’ Michelle Price: “U.S.
“Gains in coming days would extend the advances of the past two weeks, spurred by optimism on Friday of a coronavirus treatment and the prospect of a staggered reopening of the U.S. economy. Options traders are also betting that the worst of the rout may have passed. JPMorgan Chase & Co’s implied-volatility index for emerging-market currencies has declined from the nine-year peak reached a month ago after a deluge of central-bank stimulus.
“Economic historians have long thought that the Black Death, among other pandemics, had a significant impact on how income is shared between those who own land and other assets and those who provide the labor. The most direct and brutal way in which that impact is felt is a change in the supply of labor. Viruses and bacteria kill workers, who become less plentiful as a result. For those who survive, wages rise.
“Groups representing commercial creditors, who snapped up bonds from low-income countries in recent years amid record-low yields in developed markets, said they would be willing to participate. But a deferral of sovereign bond payments will be far from easy.”— WSJ’s James R. Hagerty: “Paul O’Neill, a former U.S. Treasury secretary and Alcoa chief executive whose independence and blunt speaking style led to clashes with President George W. Bush, died early Saturday at his home in Pittsburgh.
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