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The spread of the coronavirus disease (COVID-19), in Fayetteville

5 economic statistics that show the financial devastation of the pandemic for average Americans

The coronavirus pandemic has plunged the US into its worst recession in nearly a century with millions of people suffering job losses.
A man wearing a mask walks past the U.S. Federal Reserve building in Washington D.C., the United States, on April 29, 2020.

The Fed’s April meeting minutes detailed a potential 2nd-wave virus scenario that could drag on the economy into 2021

Central bank staff found a "more pessimistic projection was no less plausible" than their near-term-recovery base case, meeting minutes showed.
People wearing masks walk past the Bank of England, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 23, 2020.

The UK sells negative-yield bonds for the first time — days after the Bank of England dismisses below-zero rates

Any change in the central bank's stance could boost the bonds' value. When interest rates fall, market yields follow and bond prices jump.

The argument for negative interest rates in the US has strengthened, Goldman says

The argument for cutting rates below zero is the same as cutting rates above zero: to stimulate demand for credit, which helps stimulate the economy.
U.S. President Trump leads daily coronavirus response briefing at the White House in Washington

Democrat Sherrod Brown slams Trump’s economic relief efforts and asks how many American lives are worth .5% of GDP

Brown and other Democrats want the federal government to implement hazard pay, which would boost wages for essential workers.

Fed’s Powell says $600 billion Main Street Lending Program and remaining initiatives will begin by June

Speaking at the same Senate hearing, Treasury Secretary Steven Mnuchin said the department is prepared to take losses on its emergency loans.
White House Council of Economic Advisers Chairman Kevin Hassett

Trump’s advisers are optimistic for a quick economic rebound, despite alarm over sky-high unemployment and wave of small business closures

Other policymakers are warning of a protracted downturn given the surge of unemployment claims and small business closures due to the pandemic.
U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, in Washington, U.S., March 3, 2020.

Fed’s Powell says an economic recovery could take until the end of 2021 — but doesn’t see a full-blown depression taking hold

Powell told "60 Minutes" he's confident in the economy returning to its pre-pandemic highs, adding "it won't take that long to get there."

Global stocks rise despite Fed’s Powell warning that the coronavirus downturn could last until late 2021

Investors cheered looser lockdowns and data showing a slowdown in the number of new coronavirus cases.
US Federal Reserve Chairman Jerome Powell.

Fed Chairman Jerome Powell says economic downturn could last until late 2021

"This is a time of great suffering and difficulty," Powell told "60 Minutes." "And it's going to take a while for us to get back."