The $2 trillion emergency relief package to limit the impact of coronavirus approved by U.S. lawmakers yesterday failed to reassure investors, as a record 3.28 million workers applied for unemployment benefits last week.
Yesterday, markets did rebound, but the situation remains extremely fragile. Financiers are keeping an eye on the spread of the virus and are lost in speculation about the consequences of the pandemic in the medium and long term. The immediate impact is as severe as it is unprecedented.
Today, Fed chairmanJerome Powell said on NBC's Today Show that he expected economic activity to decline "pretty substantially" in the second quarter. He added that the central bank is taking unprecedented action to ensure economic activity can resume as soon as the coronavirus pandemic is under control.
Meanwhile, the Trump administration is reportedly putting heavy pressure on Saudi Arabia to stop its scorched earth oil policy, according to corroborating sources.
Finally, the number of coronavirus cases in the U.S is approaching 70,000, 5,000 fewer than in Italy and 12,000 fewer than in China. The country is expected to become the world's main outbreak by Sunday.