The coronavirus pandemic remains the top news of the day. The disease continues spreading, negatively affecting businesses and households from all over the world.
About 15,000 cases of Covid-19 have been registered in the United States in the span of two weeks. Many speculate that the real number of patients with the virus is much higher, but this cannot be confirmed due to a lack of enough testing kits.
The House of Representatives already got the green light on a $500 billion stimulus package to target the pandemic. In addition to that, today Republicans in the Senate put forward an even more ambitious plan (worth $1 trillion). As part of the new bill, the government will pay monthly support to all Americans for the duration of the crisis. Many low-income families in the United States have been hit especially hard by the coronavirus outbreak because they cannot go to work, and without getting paid, cannot afford to pay bills or buy medicine.
Today the markets have also experienced a much-needed reprieve as central banks are beginning to take appropriate action. In Europe, the situation has stabilized somewhat after both the Bank of England and the European Central Bank announced sturdy stimulus plans.
In the United States, the Federal Reserve has ensured high liquidity for the dollar, which allowed the USD to relax and drop in value.
Furthermore, thanks to the actions taken by central banks, today stock indices are showing a mild recovery between 3%-5%.
There has also been a development in the oil market, where the United States decided to implement an output limit on its own companies for the first time in decades. With OPEC and Russia failing to keep oil levels low, the US is now stepping in to stabilize the market.
