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New York City 10 Days Away From ‘Widespread Shortages’ Of Medical Supplies, Mayor Says

Topline: New York City Mayor Bill de Blasio said during a Sunday CNN appearance that “if we don’t get more ventilators in the next 10 days, people will die who don’t have to die” as the city—now the epicenter of the U.S. coronavirus epidemic—faces a possible shortage of medical supplies.

  • “We’re about 10 days from seeing widespread shortages,” de Blasio said, adding, “We have seen next to nothing from the federal government at this point.”
  • De Blasio also said that the military hasn’t been mobilized by the Trump administration, and that the Defense Production Act, which the president invoked by executive order Wednesday, has not been put into motion.
  • “It feels like we’re on our own at this point,” de Blasio said, adding that April would be worse for New York City than March has been, and he fears May could be even worse.
  • CNN also reported Sunday that Federal Emergency Management Agency head Peter Gaynor could not provide a number of how many medical masks were in the federal stockpile or how many have been shipped to state and local governments.
  • In a sign of demand on medical supplies, a Friday letter from a New York-Presbyterian Hospital department head said each employee would only be given one N95 mask (when it typically uses 4,000 per day).

Big number: 300 million. That’s how many masks could be needed for healthcare workers versus the current stockpile of 30 million, as testified to Congress by Health and Human Services Secretary Alex Azar at the end of February.

Key background: The Defense Production Act is intended to be used by Trump to obtain “health and medical resources needed to respond to the spread of Covid-19, including personal protective equipment and ventilators.” Trump faced questions Thursday around his reticence to use the Defense Production Act to compel companies to produce healthcare items to combat the coronavirus, one day after he said he’d be invoking its powers. The New York Times reported Thursday that both the U.S. and countries abroad are facing a shortage of ventilators, with manufacturers saying that they can’t increase production to meet the demand.

Tangent: Tesla CEO Elon Musk volunteered his company’s factories to manufacture ventilators, but it’s unclear whether that will move forward.

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I’m a New York-based journalist covering breaking news at Forbes. I hold a master’s degree from Columbia University’s Graduate School of Journalism. Previous bylines: Gotham Gazette, Bklyner, Thrillist, Task & Purpose and xoJane.

Source: New York City 10 Days Away From ‘Widespread Shortages’ Of Medical Supplies, Mayor Says

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Hospitals are sounding the alarm that they need more equipment as the coronavirus outbreak grows. Greg Cergol reports.

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U.S. Stocks Claw Back Some Losses As Oil Prices Rebound

Topline: U.S. stocks recovered some losses on Thursday and oil prices soared, though the modest gains were not enough to offset the damage done by a weeks-long sell-off.

  • The Dow Jones Industrial Average was up 0.8%, or 170 points. The S&P 500 gained 0.3% while the Nasdaq gained 2.3%.
  • Tech stocks led the way on Thursday, with Amazon up 2.8% and Microsoft up 1.6%.
  • At a press conference on Thursday afternoon, President Trump said he would consider for companies who receive bailouts under his administration’s proposed $1 trillion stimulus plan.
  • Central banks are also continuing to act in order to cushion the economic blow of the coronavirus outbreak: yesterday, the European Central Bank announced an $818 billion bond-buying program and the Federal Reserve said it will act to shore up prime money market funds.

Crucial quote: “Central banks, particularly the Fed, really are playing whack-a-mole with the financial system,” Eric Winograd, senior economist at AllianceBernstein, told CNBC. “Every day, a new area of distress pops up and every day, they’re coming up with a new program or rebooting an old program.” The Federal Reserve is taking extraordinary steps to stabilize the U.S. economy: it has cut interest rates to almost zero, said it’s prepared to inject trillions of dollars into the overnight repo market, slashed bank reserve requirements and agreed to buy short term debt from companies with good credit ratings.

Big number: The price of oil bounced 24% on Thursday, gaining back about half of its losses from Wednesday, when it reached a multi-decade low. According to reporting in the Wall Street Journal citing people familiar with the matter, the Trump administration is considering intervening in the ongoing oil-price war between Saudi Arabia and Russia.

Key background: The Dow dropped 6.3% yesterday, nearly 2,000 points, while the S&P 500 was down 5.2% and the Nasdaq slid 4.7%. It was the eighth consecutive day where the S&P 500 swung more than 4% in either direction—that level of volatility is far worse than the previous record of six days during the Great Depression, according to LPL Financial. Last night, President Donald Trump signed a coronavirus relief bill into law. The bill includes free coronavirus testing and paid sick leave, among other measures. The Trump administration is also pushing for a $1 trillion economic stimulus package.

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I’m an assistant editor on Forbes’ Money team, covering markets, fintech, and blockchain. I recently completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance and the Foreign Corrupt Practices Act.

Source: U.S. Stocks Claw Back Some Losses As Oil Prices Rebound

U.S. stocks plunged amid anxieties of a free-fall in oil prices and escalating spread of the COVID-19, with all three major indexes declining more than seven percent.  Trading was halted for 15 minutes after the S&P 500 fell by seven percent, and resumed at 9:49 local time (1349 GMT). Subscribe to us on YouTube: https://goo.gl/lP12gA Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvn… Download our APP on Google Play (Android): https://play.google.com/store/apps/de… Follow us on: Website: https://www.cgtn.com/ Facebook: https://www.facebook.com/ChinaGlobalT… Instagram: https://www.instagram.com/cgtn/?hl=zh-cn Twitter: https://twitter.com/CGTNOfficial Pinterest: https://www.pinterest.com/CGTNOfficial/ Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing Douyin: http://v.douyin.com/aBbmNQ/

Federal Reserve Launches Third Emergency Lending Program

(Washington) — The Federal Reserve announced late Wednesday that it will establish an emergency lending facility to help unclog a short-term credit market that has been disrupted by the viral outbreak.

The Fed said it will lend money to banks that purchase financial assets from money market mutual funds, including short-term IOUs known as commercial paper.

By facilitating the purchase of commercial paper, which is issued by large businesses and banks, the Fed hopes to spur more lending to firms that are seeking to raise cash as their revenues plummet amid the spread of the coronavirus.

The program is the third facility the Fed has revived from the financial crisis days of 2008, when the central bank set up an alphabet soup of programs intended to keep financial markets functioning.

This facility, known as the Money Market Mutual Fund Liquidity Facility, is intended to help money market funds unload assets such as commercial paper, but also Treasury securities and bonds guaranteed by mortgage giants Fannie Mae and Freddie Mac.

Experts Weigh in on the Impacts of COVID-19 on the Global Economy

TIME spoke with four experts, across various disciplines, about how the COVID-19 pandemic could uproot the flow of business, money and labor around the world.

Money market mutual funds are owned by individual investors in brokerage accounts but also by institutional investors and businesses. Many of the funds have sought in the past two weeks to sell assets to raise cash as many investors redeem shares in the funds. Yet with demand for cash rising as stocks plunge and the economy slows sharply, money market funds have struggled to find buyers for their assets.

By CHRISTOPHER RUGABER / AP March 19, 2020 12:42 AM EDT

Source: Federal Reserve Launches Third Emergency Lending Program

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March 31 (Bloomberg) — The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank’s unprecedented support to banks during the financial crisis. Bloomberg’s Margaret Brennan, Erik Schatzker and Peter Cook report. (Source: Bloomberg)

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