The Fed announces it will conduct $1 trillion in daily repo operations for the rest of March.
The Federal Reserve Bank of New York announced it will increase its daily repurchase agreement operations to $1 trillion for the rest of March. Repos are when banks submit high-quality collateral, such as Treasurys, in exchange for reserves from the Fed. Banks then use the money to fund their short-term operations.
Just five days ago, the economists had expected a 5% decline in the second quarter and a flat first quarter, but they said the sudden shutdown of large parts of the economy due to the virus is hitting the economy hard in the first and second quarter.12:19 pm: Stock losses accelerate in an effort to blunt the impact of the coronavirus. Mnuchin added that, at President Donald Trump's direction, all taxpayers and business will have this additional time to "file and make payments without interest or penalties." —Analysts upgraded a slew of stocksWells Fargo upgraded Uber to overweight from equal weight.Bank of America upgraded Nike to buy from neutral.JPMorgan upgraded Tyson Foods to overweight from neutral.
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