Highlight of the Week
Federal Reserve cuts rates to zero
- In an emergency move Sunday, the Federal Reserve announced it is dropping its benchmark interest rate to zero.
- The Fed will also launch a new round of quantitative easing, which includes $700 billion worth of asset purchasing.
- The CDC said Sunday that individuals and organizations should reschedule events with 50 or more people for the next eight weeks. The guidance does not specifically apply to schools, universities, or businesses.
- Tens of thousands more cases are suspected in the US, but have not been diagnosed yet because of delays and constraints on testing.
- As of Tuesday morning, Coronavirus deaths passed 7,000 worldwide. The number of cases exceeds 180,000, but many more cases likely exist and have not been tested and confirmed.
Growing number of businesses respond to pandemic
- Nike, Urban Outfitters announced shutdown of retails stores globally. Starbucks and Chick-fil-A to limit hours and operate drive-thru only.
- Amazon announced it is out of stock of household items and deliveries are delayed.
Augusta National postpones Masters
The Masters Tournament has been postponed like all other major events.