Good segment on “60 Minutes” tonight.
Interest rate cut will ‘take a toll on the economy in the near term,’ Fed chairman says
From CNN’s Clare Duffy
After cutting the target interest rate to zero on Sunday to help the economy during the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said the measures were “essential to contain the outbreak,” but will “take a toll on the economy in the near term.”
The Fed took a number of actions “to support American families and business and the economy overall and to support the flow of credit” as it is affected by coronavirus, Powell said.
The Fed expects to maintain the rate until “we are confident the economy has weathered" the current situation, Powell said.
Yes, the group that indicated eating cereal required too much prep and clean up will be in definite trouble. Given the age group, more of them may die of starvation than Covid 19. 
https://www.washingtonpost.com/news/wonk/wp/2016/02/23/this-is-the-height-of-laziness/
Fingers crossed.
The first to die in Louisiana had developmental disabilities and lived in a home. No idea how he caught this and I hope very much that it isn’t moving to other residents in the facility.
https://www.nola.com/news/coronavirus/article_43453e10-6708-11ea-bb84-d7e8951022df.html
Also, our mayor announced that New Orleans will be one of 4 US cities chosen by the feds for a pilot program to develop drive-up testing. “Conversations are just beginning” about this, which means it’s likely way too late, IMO.
@thumper1 - ditto. And Amy Acton, MD, their director of Public Health.
An ER doctor in his 40s from Evergreen Hospital (where most Life Care Center patients ended up) has been diagnosed with COVID-19 and is in intensive care.
https://www.seattletimes.com/seattle-news/health/evergreenhealth-doctor-tests-positive-for-coronavirus-in-critical-condition/
2 Emergency Physicians are in critical condition due to occupational transmission of COVID-19
Both physicians followed PPE precautions at all times.
Venezuela has announced a “collective quarantine”, after cases of Covid-19 in the troubled South American nation jumped to 17 on Sunday evening.
“There is no other option,” president Nicolas Maduro said in a televised statement. “We either go into quarantine or the pandemic could brutally and tragically bring down our country.”
Maduro ordered the quarantine in six states and the capital Caracas, though said that transport, health and food delivery would continue.
Venezuela - which boasts the largest proven oil reserves on the planet - is already mired in social and economic turmoil, with shortages in basic goods and medical supplies widespread and runaway hyperinflation.
Public health experts warn that the country is far from ready to handle any outbreak amid an already collapsing health system.
Colombia, which neighbours Venezuela to the west, closed its border on Saturday, worried that the former could become the epicentre of an outbreak in South America.
Colombia, which has 34 cases of Covid-19, has also announced strict measures. On Sunday evening president Ivan Duque announced that schools would be closed from Monday on, adding to a ban on foreign visitors announced earlier on Sunday. (Guardian)
Massachusetts suspends schools for three weeks
From CNN’s Elizabeth Joseph
Massachusetts public and private schools will suspend operations for three weeks beginning Tuesday until April 6, according to a news release from Gov. Charlie Baker.
“Our administration is taking these rapid steps to protect the health and safety of our residents to mitigate the spread of COVID-19,” Baker said. “We know that a lot of the measures we are putting into place, including mandatory school closures and prohibiting gatherings of 25 people or more, will cause disruption in people’s day to day lives. With the steps we are taking today, we can ensure residents can still access key state services while taking necessary precautions to limit the spread of COVID-19.”
There are 138 confirmed coronavirus cases in Massachusetts, the state’s health department announced late Saturday afternoon.
That’s very disturbing.
Our city started drive up testing yesterday. Testing sites rotate to different locations around the city and the testing is being sponsored by a different multi-hospital system everyday so that no one hospital system get overburdened by it.
One or both could have been exposed thru the community, and not at work.
Trump administration says ‘all options on the table’ including suspension of domestic air travel
The Trump administration is leaving “all options” on the table for further travel restrictions, including an outright suspension of domestic air travel, a senior official said Sunday.
Such a drastic measure hasn’t been instated since the Sept. 11, 2001 attacks, and it would raise questions about U.S. airlines’ chances for survival without government support.
“We continue to look at all options and all options remain on the table,” said Chad Wolf, acting secretary of the Department of Homeland Security in a press briefing when asked about the possibility. (CNBC)
[ Anybody else think this slow rollout of action is a little odd - and possibly hurting both the stock market and the ability to control the spread? Lots of other countries are just like, BOOM!, shutdown. Here, we are still working on testing. And we had some travel bans. Now we are maybe considering some domestic restrictions which we’ll vaguely hint at but…stayed tuned! We’ll tell you about it in our next episode…tomorrow! This isn’t a reality tv show. Or is it because of lack of staffing? As far as the airlines, they’ll already need government intervention based on what is happening internationally and domestic travel is already dropping off which will lead to flight cuts regardless. ]
Goldman Sachs sees zero US economic growth as the coronavirus spreads
Jan Hatzius, Goldman’s chief economist, lowered his first-quarter GDP growth forecast to zero from 0.7%. The economist also sees a 5% contraction in the second quarter.
“We expect US economic activity to contract sharply in the remainder of March and throughout April as virus fears lead consumers and businesses to continue to cut back on spending such as travel, entertainment, and restaurant meals,” Hatzius said in a note to clients Sunday…
“Even with monetary and fiscal policy turning sharply further toward stimulus … these shutdowns and rising public anxiety about the virus are likely to lead to a sharp deterioration in economic activity in the rest of March and throughout April,” Hatzius said. (CNBC)
CDC recommends postponing/canceling gatherings of 50+ people for 8 weeks.
So, this would mean no school. Pretty much takes us through the end of the academic year. (Well, it says schools should be exempt, but I’m not sure how that really jives with the spirit of their overall recommendation.)
Fed chair Jerome Powell has wrapped up his Sunday night press conference after the central bank’s surprise announcement of another rate cut. The early reviews are ominous.
Interest rates are already close to zero so the latest cuts may not make a huge difference.
“There is room for us to do what we need to do,” Powell said.
But Dow futures - an indication of which way the markets may go tomorrow - are down.
Michael Antonelli, market strategist at RW Baird, doesn’t think stock markets will rally until there is better news on containment of Covid-19.
Michael Antonelli
@BullandBaird
Well, I tried, shrug.
Everyone expecting some giant rally off a Fed move is living in a World that ended mere weeks ago
The rally will be us winning the war against a virus. Can’t make it simpler than that.
(Guardian)
Sounds like what is needed as painful as it will be. Also speaks to the seriousness of what we are facing in case there are still any “it’s just like the flu” folks still around.
So, it begs the question, why wasn’t THIS discussed at the White House presser this evening?!
I wish they would just shut down domestic travel…especially to the hot spots. And sooner the better.
As with all the other restrictions…let people fly home…but check them all…and have self isolation.
No both cases are confirmed as occupational transmission.
It’s not the flu because of our experience with that of course. It’s not the zombie apocalypse either. We need cooler heads to prevail and to keep it together.