Headlines discussed at LNWM’s Monday morning briefing:
— The Fed said it will buy assets “in the amounts needed” to support the smooth functioning of US markets, as Congress considers $2 trillion in new fiscal spending.
— Claims for US unemployment benefits rose by 70,000 last week; however, firms like Amazon and Walmart look to add more than 100,000 jobs each.
— Nearly 33% of Americans are under state orders to stay at home to limit the spread of the coronavirus, with the National Guard and FEMA called in to help NY, CA and WA.
— US retail sales fell 0.5% in February, an early sign that consumer spending was starting to be impacted even before the coronovirus spread widely in the US.
— China is slowly easing its 2-month lockdown of the city of Wuhan; everyone entering China is being tested for the coronavirus.
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