Headlines discussed at LNWM’s Monday morning briefing:
— The Federal Reserve said it will gradually shift into buying individual US corporate bonds instead of bond ETFs, to better support market liquidity and function.
— The Federal Reserve has asked US banks to not comment on their financial stress test results until after the market close June 29; some banks could announce dividend cuts.
— New claims for US unemployment benefits totaled 1.5 million last week, the 13th straight week higher than 1 million, as economic pain persists.
— Apple Inc. said it is temporarily re-shutting some of its stores in Arizona, Florida, North and Sorth Carolina, due to Covid-19 upticks.
— With support from the European Central Bank, Eurozone banks are lending heavily — a record 1.3 trillion euros on tap last week — to counteract Covid-19 fallout on companies.
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