COVID-19 Monitor

Last Updated:October 15, 2020

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Why Growth in the Fed’s Asset Portfolio Has Paused (WSJ) Published on: July 26, 2020 | Category: Economic Impact

The Federal Reserve’s asset buying is taking a summer break after surging in the spring, but that doesn’t mean the central bank has dialed back its support for markets or the economy.
The central bank this month had no takers for short-term overnight loans called repurchase agreements, down from more than $440 billion in March. Arrangements where the Fed lends dollars abroad via currency “swaps” with foreign central banks declined to $122 billion last week from $449 billion in May.
Second, the Fed stepped in as a market maker of last resort by purchasing Treasurys and mortgage-backed securities when fire sales of these normally supersafe assets overwhelmed Wall Street dealers.

Poll: Nearly half say job lost to virus won’t return (The Spokesman-Review) Published on: July 26, 2020 | Category: Economic Impact

Nearly half of Americans whose families experienced a layoff during the coronavirus pandemic believe those jobs are lost forever, a new poll shows, a sign of increasing pessimism that would translate into roughly 10 million workers needing to find a new employer, if not a new occupation.
In April, 78% of those in households with a job loss thought they’d be temporary.
About 6 in 10 nonwhite Americans say they’ve lost a source of household income, compared with about half of white Americans.

America’s face mask ambivalence (Japan Times) Published on: July 26, 2020 | Category: Global Response

Masks make sense, especially in a pandemic, as the experience of Japan and many other nations suggests.
Despite all these positive aspects to mask-wearing, and the adverse health consequences of not doing so, at least 10 per cent of Americans, according to recent polls, refuse to wear masks at all, and a third or more fail to wear them consistently in public places.
According to recent polls, only 40 per cent of respondents in Arizona consistently wear masks in public, compared to nearly 80 per cent in Massachusetts.

A payroll tax holiday will get Americans back to work (FT) Published on: July 26, 2020 | Category: Economic Impact, Global Response

A voluntary payroll tax holiday could play a pivotal role in boosting disposable income and incentives to work.
The payroll tax withholding rate, currently 6.2 per cent for the employee component, could be cut to zero for the first two years, delivering a much-needed income boost for workers who opt in.
This would increase disposable income for existing workers, which would spur consumption and ignite a virtuous cycle that would encourage even more hiring.

Corporate Insiders Pocket $1 Billion in Rush for Coronavirus Vaccine (NY Times) Published on: July 25, 2020 | Category: Global Response

The race is on to develop a coronavirus vaccine, and some companies and investors are betting that the winners stand to earn vast profits from selling hundreds of millions — or even billions — of doses to a desperate public.
The sudden windfalls highlight the powerful financial incentives for company officials to generate positive headlines in the race for coronavirus vaccines and treatments, even if the drugs might never pan out.
Some companies are attracting government scrutiny for potentially using their associations with Operation Warp Speed as marketing ploys.

The Work-From-Home Shift Shocked Companies—Now They’re Learning Its Lessons (WSJ) Published on: July 25, 2020 | Category: Global Response, Leadership

At its peak in early May, 52% of employed Americans reported always working from home, and another 18% reported sometimes working from home, for a total of 70%, according to a survey by polling firm Gallup.
A survey of corporate leaders conducted by Gartner on June 5 found that in the future, 82% plan to allow remote working at least some of the time; 47% said they intend to allow full-time remote work going forward.
April and May saw an uptick in consumer spending on laptops and related work-from-home gear.
Many companies that were reluctant to spend on their workers opted for a previously obscure subset of the cloud computing market: “desktop as a service.”

Record numbers of coronavirus cases in every global region: Reuters tally (Reuters) Published on: July 25, 2020 | Category: Global Response

Almost 40 countries have reported record single-day increases in coronavirus infections over the past week, around double the number that did so the previous week, according to a Reuters tally showing a pick-up in the pandemic in every region of the world.
Many countries, especially those where officials eased earlier social distancing lockdowns, are experiencing a second peak more than a month after recording their first.
The data reveals a growing number of resurgent cases in countries across all regions.
In Europe, where the summer vacation season is in full swing, a new daily record figure in Spain is likely to deter tourists from visiting one of the continent’s most popular destinations.

How McDonald’s plans to enforce its new mask policy (CNN) Published on: July 24, 2020 | Category: Global Response

McDonald’s and Chipotle announced they would soon require customers to wear masks or other face coverings as cases of Covid-19 surge across the United States.
McDonald’s said that about 80 per cent of its restaurants are in areas that already require face coverings. But “it’s important we protect the safety of all employees and customers,” the company said in a statement.
Customers who enter a McDonald’s location without a mask will be offered one by an employee. If they refuse to wear it, they’ll be asked to stand at a designated spot, away from other customers, where they’ll receive their orders.

China Tech Headed for Record Year for IPOs Despite Pandemic (The Information) Published on: July 24, 2020 | Category: Economic Impact

The head of China Renaissance Group, one of China’s most influential investment banking and private equity firms, said he expects 2020 to be a record-breaking year for Chinese tech initial public offerings.
Even as the coronavirus pandemic has triggered a global recession and created challenges for businesses around the world, some of China’s prominent investors are doubling down on their bets on the country’s most promising tech startups.
Other than the pandemic, a big challenge for Chinese tech companies and their investors is how to navigate the growing political tensions, not just between the U.S. and China but also in other major markets such as India.

Meet the New C.D.C. Director: Walmart (NY Times) Published on: July 24, 2020 | Category: Global Response

From the headquarters of Walmart (which includes Sam’s Club) and Starbucks came the directive that all customers must wear masks.
But mandatory masks could turn out to be a competitive issue, too, as consumers seek safety. Winn-Dixie, a Southern supermarket chain, had resisted masks, but changed its mind this week. Putting customers at risk for political reasons is one thing; putting your business at risk is another.
While such efforts by Walmart and other big payers help to restrain health care costs, the larger problem is that we’ve been abdicating health care policy to profit-seeking corporations.

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