How OPEC, Others Will Execute Massive Oil Production Cuts
Several major oil consuming nations have said they will start buying oil for their strategic reserves, helping take some supply off the market.
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Author: News Team
Daily Nuggets: Gold Soars to 7-Year High
The coronavirus pandemic, which has battered global economic growth, has forced nations to extend lockdowns to curtail its spread, and central banks have announced a wave of fiscal and monetary support measures to mitigate the financial toll.
Economists See Rocky Jobs Recovery, High Unemployment Through ’21
The median forecast was for a dramatic spike in the unemployment rate due to the social distancing measures and mandated store closures being used to fight the pandemic, but a more gradual decline during the recovery.
Fed Rolls Out $2.3T Backstop for ‘Main Street,’ Local Govt’s
The new “Main Street” facility will use banks to funnel up to $600 billion in loans of at least $1 million to firms that have up to 10,000 employees or less than $2.5 billion in revenue, an effort to expand the safety net for businesses begun under the CARES act recently passed by Congress.
US Jobless Claims Exceed 6M Again, Pushing 3-Week Total to 15M
Economists polled by Reuters had forecast claims slipping to 5.250 million in the latest week, though estimates in the survey were as high as 9.295 million.
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