Graced by Congress and by the Treasury Department, the Federal Reserve is committed to using its balance sheet to inject more than $4 trillion into the economy. That is not a typo. And it is, in fact, likely to be substantially more than that by the time the pandemic crisis has subsided. This will not end up directly in the pockets of individuals, but it will flood the financial system with unprecedented amounts of money and provide a cushion and a floor for almost any tradeable asset.

And by any tradeable asset, that means money market funds, corporate bonds, municipal bonds, bank lines of credit, student loans, mortgage-backed securities, and according to Jerome Powell, the chairman of the Federal Reserve, perhaps even stocks. Asked about the possible outer limits of what the Fed might buy, Powell said, with unusual candor, that in a time of pandemic, “We’re trying to create a bridge from our very strong economy to another place of economic strength, and that’s what our lending really does. It’s very broad. It’s across small, medium and large businesses.” And it extends as well to state and local governments strapped for cash as tax revenues evaporate. It extends, in fact, to just about everything and anything imaginable.

It is impossible to overstate how radical a departure from past precedent these moves are. During the Great Recession of 2008-2009, the Fed cut interest to zero (as it has now) and then began to experiment with what it called “quantitative easing” on a multi-trillion dollar scale; it began to buy up bonds and act as a lender of last resort to large financial institutions that were facing potential insolvency, and to European banks as well as the European Union faced its own crisis into 2011. But as innovative as that was, it took many months for the Fed to act then, after the financial crisis had already metastasized into an economic collapse, and its buying was limited to specific and rather arcane corners of the financial markets.

Nielsen’s data shows that last week, Americans bought an unusually large amount of non-perishable food, as well as cleaning products, health goods, and lots and lots of toilet paper as they got ready to keep themselves and their homes clean and stocked with food.

As states    discouraged   Americans from being in large crowds, consumers increasingly shopped for groceries online. Instacart, which delivers goods from local grocery stores, reported that order volume is up by 150% compared to the same period last year; customers were also buying more, with average baskets 15% bigger compared to last month. About 40% of orders used the company’s “leave at my door option” last week—perhaps to reduce contact with the delivery person.

Laura McCullough, at executive vice president of U.S. manufacturer client success at Nielsen, said that Nielsen’s data shows that Americans rearranged their lifestyles last week.

“Early on we saw spikes in health safety product sales correlating with major announcements in those areas and shifts from shopping the perimeter of the store to the center,” McCullough said. “Drastic out-of-stocks may rise if concerns over healthcare provider and government preparedness grow.”

Besides oat milk, Americans also stocked up on dried beans, up 231% compared to last year; canned meat, up 188%; tuna, up 142%, and soup, up 127%, according to Nielsen.

Snack foods are also up in popularity as consumers geared up to munch at home.

Popcorn is up 48%, pretzels 47%, pastries 24% and ice cream 23%.

Certain fresh fruits and vegetables have also ticked up, as consumers perhaps started to realize they’d rather not live on canned food alone. Apples were up 20%, bananas by 17%, and papayas and celery by 3% each.

Unsurprisingly amidst a pandemic, consumers are also focusing their spending on health products. Thermometers are up 498%; cold and flu remedies 159% and vitamins 93%.

hand sanitizer洗手液

there are also sign还有迹象表明

Though hand sanitizer is very much in high demand (up 208%), there are also signs that Americans are trying to make their own versions at home.

Two ingredients used in DIY recipes, hydrogen peroxide and rubbing alcohol, are up 212% and 277% respectively (although consumers may also be using them for other cleaning purposes).

Other cleaning products, especially aerosol disinfectants, up 519%, and multi-purpose cleaners, up 243%, also saw strong increases in demand.

As consumers spend more time alone and indoors, the pandemic also appears to have repressed demand for certain goods. Perfume is down by 18%; sunscreen by 17%, and vegetable party platters by 7%.

(DES MOINES, Iowa) — Hoping to escape all the coronavirus-caused economic uncertainty by winning a giant lottery jackpot?

a giant lottery jackpot彩票大奖  lottery彩票  jackpot头奖

Think again. Those jackpots are going to shrink as the pandemic tamps down lottery sales.

The group that oversees the Powerball game announced Wednesday night that it would cut minimum jackpots in half, from $40 million to $20 million, after there is a winner of the current big prize.

The jackpot also could grow more slowly, with minimum increases of $2 million instead of the normal $10 million after each twice-weekly drawing.

“Powerball players in many U.S. lottery jurisdictions are under shelter-in-place orders or recommendations from their governors or mayors, which have affected normal consumer behaviors,” said Gregory Mineo, the director of the Maine lottery and chairman of the Powerball Product Group. “Just like other enterprises around the world that are making adjustments, we are making proactive changes to continue to offer the world’s premier lottery product.”

the world’s premier lottery product. 世界一流的产品(彩票)

The other national lottery game in the United States, Mega Millions, is considering a similar move.

“The Mega Millions Consortium has begun internal discussions about potential changes to address the slowdown in sales during the current health crisis,” said Gordon Medenica, who heads the Maryland lottery and is director of the national game.

Medenica notes, however, that Mega Millions has a minimum increase of $5 million after each drawing so is in better position to weather the decreased sales.

For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, or death.

The move by Powerball won’t affect the current $160 million jackpot, which will continue to rise by at least $10 million until there is a winner.

Another thing that won’t change is the odds of winning a jackpot, and they’re puny for both games.

For Powerball, the odds are one in 292.2 million, and for Mega Millions they’re one in 302.6 million.

Powerball and Mega Millions are played in 45 states plus Washington, D.C., and the U.S. Virgin Islands. Powerball also is offered in Puerto Rico.

Companies in other, “safer” sectors are also staffing up.

As Americans suddenly find themselves depending more than ever on technology platforms for work and entertainment, listings for temporary tech jobs rose through the end of February into March, according to data from employment marketplace ZipRecruiter.

“Tech companies are seeing a surge in demand for their services and their technologies,” says ZipRecruiter labor economist Julia Pollak. “They’re seeing kinds of demand that they really didn’t plan for.” Non-tech companies are also beefing up their IT departments as they scramble to move operations online to keep employees home.

Still, these hirings are hardly likely to offset the sobering losses in other areas. And for those without technology expertise, jobs requiring engagement with large numbers of people, some of whom could potentially be infected, may be the only way to survive, even as officials urge people to stay home as much as possible.

Even when some degree of normality begins to return, the economic effects of all this will reverberate for years. “Personally I’m expecting a big spike in unemployment, because I think there’s going to be a big drop in spending,” says Richard Rogerson, an economist at Princeton University.

He points out that, even if people find a way to survive the financial fallout from the pandemic, their employers may not. “What you would like is, everyone just goes back to their job,” says Rogerson, about the post-health crisis period. “But what if some of those businesses don’t exist anymore?”

For now, there are a variety of efforts afoot to help laid-off workers make ends meet in the short term.

Massive new relief legislation from Washington may help.

In the meantime, workers are banding together. 

The National Domestic Workers Alliance and UNITE HERE, a union representing hotel, gaming, food service and other employees, are launching relief funds to help the hardest hit, for instance.

Other ad-hoc efforts, like donation-based freelancer and creative emergency funds, could also help.

Efforts like these suggest that those who are able are finding ways to help people in need.

“There’s a lot of vulnerable people out there,” says Diaz, the bartender. “It’s going to be up to us normal folks to step in and do what’s right.”

Ford, GM and Fiat Chrysler Are Shutting Down All U.S. Factories to Curb Coronavirus

Ford will halt operations at all North American manufacturing facilities after Thursday evening shifts, according to a statement. GM and Fiat Chrysler also plan to idle their factories, according to people familiar with the matter, who asked not to be identified ahead of official announcements.

The three companies said late Tuesday that they would partially shut down facilities on a rotating basis to protect members of the United Auto Workers union from the spread of Covid-19. But by Wednesday morning, Honda Motor Co. announced its plan to suspend North American production for six days.

The online retailer said in a blog post updated on Tuesday morning, that it was making the move “so we can more quickly receive, restock, and ship these products to customers.”

Also on Tuesday, Amazon told third-party sellers on its marketplace that the company wouldn’t accept shipments from sellers in other product categories through at least April 5. Amazon said it was taking a similar approach with the big brands it buys directly from. Business Insider reported the restrictions on other product categories earlier.

”We understand this is a change for our selling partners and appreciate their understanding as we temporarily prioritize these products for customers,” an Amazon spokesman said in an emailed statement. Products already on their way to Amazon warehouses will be accepted, he said.