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U.S. abdicating global leadership role, leader of European development bank says

29th May 2020

Rewriting those pledges would require “strong leadership” from richer nations, which has been lacking from the United States government, in particular, Chakrabarti said. The U.S. holds a 10 percent share of the bank’s capital, with joint U.S-EBRD investments amounting to around $20 billion. In total, 69 national governments hold shares in the EBRD, including all […]

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U.S. economy shrank at 5% annual rate in Q1

28th May 2020

The downward revision to first quarter GDP reflected weaker investment by businesses in their inventories which was partially offset by slightly stronger consumer spending. Economists believe the lockdowns that shut wide swaths of the economy and triggered the layoffs of millions of workers will send the GDP sinking at an annual rate of 40% in […]

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Kudlow: Trump admin ‘may well’ support back-to-work bonus

27th May 2020

Republicans are aiming to offer an alternative to Democrats’ push to continue $600 weekly federal unemployment payments.

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Few signs Sweden’s coronavirus strategy will save it any economic pain

24th May 2020

Sweden side-stepped a Europe-wide lockdown in mid-March, diverting from the path taken by neighboring states in the scramble to slow the spread of coronavirus. Since then, observers have been keen to see whether the Nordic state’s contrarian approach — which allowed businesses to keep running and children to keep going to school — was enlightened […]

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At least a quarter of the workforce is out of a job. How much worse will it get?

23rd May 2020

Here are some of the Q&As below, edited slightly for brevity and clarity. Where do you think our current situation will rank among the Great Depression and the Great Recession? In terms of depth, I think it will be as deep as even the Great Depression, way more than the Great Recession. But in my […]

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POLITICO-Harvard poll: Stark partisan divide on reopening America

22nd May 2020

Republicans are twice as likely as Democrats to say businesses should reopen soon.

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Trump tries on MAGA 2.0 for a pandemic era

21st May 2020

Trump aides and allies have told the president privately he has no choice but to focus his campaign on rebuilding the economy, according to three people familiar with the discussions. The president’s political advisers also say there’s reason to believe it’s a winning message. Recent campaign and public polling show Trump slightly outperforming likely Democratic […]

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Fed’s Powell warns unemployment could reach Depression-level 25 percent

20th May 2020

He said the economy stands a good chance of bouncing back more quickly than in the 1930s. “When the Depression, well, when the crash happened and all that, the financial system really failed,” Powell said. “Here, our financial system is strong.” But he took the opportunity to again warn that Congress will need to spend […]

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‘Immunity passports’ won’t reopen America

19th May 2020

“It is not yet clear which antibody responses, if any, are protective or sustained,” the Infectious Diseases Society of America said recently, cautioning against overreliance on these tests or any “passports” or licenses they generate until a lot more is known. Antibody tests aren’t useless. In fact, they are crucial for research. Accurate ones can […]

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Trump projects a sense of normal, but West Wing has a ways to go

18th May 2020

“I haven’t seen Mike Pence, and I miss him,” Trump said on Wednesday during a meeting with governors. One White House official said Pence hadn’t been to the West Wing in a little over a week. The positive diagnoses of Miller and the president’s valet quickly upended the West Wing’s routines, even if some aides […]

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