Fed Says Might Be in Recession Already, 20% 2Q GDP Drop

At least for the very short term, as in one week, it seems the Federal Reserve bazooka worked to help calm financial markets, which continue to be in turmoil over the spread of coronavirus. For those who need a reminder, the Fed lowered the benchmark funds rate effectively to zero and made itself ready to lend as needed, through the purchase of nearly $1 trillion in Treasury and mortgage securities. (For more on the opening of Fed coffers, pls see page 6 of the previous issue, March 21.)

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