Economy

Survey: CFOs Say Normal Economic Activity Will Returns in Q3/20

Half of chief financial officers surveyed by CFO expect a "V-shaped" recovery or a return to normal economic activity in Q3/20. Despite this positive outlook, 35% indicated headcount reductions. read more

Customers Bank Increases PPP Commitment to $500MM With OakNorth

Customers Bank is partnering with OakNorth to process $500 million in small business loan applications under the federal Paycheck Protection Program. read more

Survey: 71% of Small Business Owners Fear They Will Never Recover from Pandemic Losses

A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. read more

New Fed Program Will Fund Small Business Loans

The Wall Street Journal reported that the Federal Reserve is working with the Treasury to create a new program designed to finance the loans that lenders make through the emergency small business lending program. read more

Senate Passes $2T Coronavirus Relief Stimulus Package

The Wall Street Journal reported that the senate passed a $2 trillion package designed to provide economic stimulus in response to the coronavirus pandemic. read more

WSJ: COVID-19 Makes Fed’s Banking Stress Tests Look Easy

The Wall Street Journal reported that as U.S. bankers prepare for their annual stress tests, many are realizing that the impact of COVID-19 is far worse. read more

Study: Small Businesses Already Feeling Huge Drop in Demand from COVID-19

A just-released national study found that 69% of U.S. small businesses have already experienced a large drop in demand due to the coronavirus pandemic and 60% believe demand will continue to decline. read more

WSJ: U.S. Airlines Discuss Potential Shutdown

The Wall Street Journal reported that U.S. airlines are planning to voluntarily shutdown most domestic passenger flights, according to officials from the industry and government. read more

Fed Poised to Take Further Action, Unemployment May Hit 30% in Q2

Bloomberg reported that the Federal Reserve has more tricks up its sleeve to respond to the economic impact of the coronavirus, according to a Fed official. read more

Fed, Central Banks Step Up Coronavirus Response

The Federal Reserve has increased its response to COVID-19, issuing its second rate cut this month and reducing reserve requirements ratios to 0%. Central banks announced coordinated action to enhance the liquidity of the U.S. dollar. read more

Wall Street Records Bleakest Day Since 1987 Despite Fed’s $1.5T Intervention

The Wall Street Journal reported that the U.S. stock market experienced its worst day on record since 1987 despite a move by the Federal Reserve to add $1.5 trillion to the market to curb “ominous” market activity. read more

WSJ: Oil Price Plummet Will Send Shockwaves Through ‘Everything’

The Wall Street Journal reported that the free fall of oil prices will send shockwaves through “everything,” potentially impacting financial institutions, private equity firms and manufacturers. read more

WSJ: Fed Rate Cut Hurts Lenders & Insurers the Hardest

The Wall Street Journal reported that the Fed’s emergency rate cut “took a direct hit” to banks and insurers. read more

Coronavirus May Spur Capital Flight from U.S. and Weaken Dollar

The continued worldwide spread of COVID-19 may weaken the U.S. dollar over the long run by impelling multinational corporates and foreign investors in the U.S. to repatriate money back to their home countries. read more

Coronavirus Poses Largest Threat to Global Economy Since Great Recession

The coronavirus Covid-19 presents the global economy with its greatest danger since the financial crisis, according to the OECD’s latest Interim Economic Outlook. read more

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Terry Mulreany
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