2020-4-1 English Reading

The passage of the pandemic stimulus bill to the tune of at least $2.2 trillion dollars was heralded as a major step towards staunching the massive economic toll of the near-complete shutdown of the United States. But of the many moves made by the federal government, the effects of that stimulus bill may ultimately pale in comparison with the radical measures enacted by the Federal Reserve. We are in uncharted and deep waters, but none may prove as revolutionary as what the Fed is about to do.

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.

2020-3-30 English Reading.

最近发现一行一行标注阅读太慢了,半天才能读一点,为了加大阅读量,下来只记录阅读的内容,一些重点的句子和生词还是标注一下。
President Donald Trump issued an order Firday that seeks to force General Motors to produce ventilators for coronavirus patients under the Defense Production Act.
had been productive取得成果
Trump said negotiations with General Motors had been productive, “but our fight against the virus is too urgent to allow the give-and-take of the contracting process to continue to run its normal course.”
Trump said “GM was wasting time” and said his actions will help ensure the quick production of ventilators that will save American lives. Previously Trump has been reluctant to use the act to force businesses to contribute to the coronavirus fight, and it wasn’t clear what triggered his order against GM.
 

The Detroit automaker is farthest along in the effort to make more of the critical breathing machines. It’s working with Ventec Life Systems, a small Seattle-area ventilator maker to increase the company’s production and repurpose a GM auto electronics plant in Kokomo, Indiana, to make the machines. The company said Friday it could build 10,000 ventilators per month starting in April with potential to make even more.

After Trump invoked the act, GM said in a statement that it has been working around the clock for more than a week with Ventec and parts suppliers to build more ventilators. The company said its commitment to build Ventec’s ventilators “has never wavered.”

Trump said that while the White House activated the act against GM, it may not be needed. “Maybe we won’t even need the full activation. We’ll find out,” Trump said Friday in the Oval office.

The move appears aimed at price and volume negotiations with the government. But it’s Ventec, not GM, that is talking with the government, said Chris Brooks, Ventec’s chief strategy officer.
Ventec ventilators, which are portable and can handle intensive care patients, cost about $18,000 each, Brooks said. That’s much cheaper than the more sophisticated ventilators used by hospitals that can cost up to $50,000, he said.
portable and can handle intensive care patients便携性的、可以处理重症病人
The Federal Emergency Management Agency has made multiple requests since Sunday for estimates of how many ventilators it can build at what price, and has not settled on any numbers, according to Brooks. That could slow Ventec’s efforts to ramp up production because it doesn’t know how many breathing machines it must build, he said.
 

Trump’s action came just after a series of tweets attacking GM, alleging that the company promised to build thousands more breathing machines than it can deliver for coronavirus patients and that it wants too much money for them.

“As usual with ‘this’ General Motors, things just never seem to work out,” Trump wrote on Twitter, adding that the company promised 40,000 ventilators quickly but now says it will build only 6,000 in late April. Trump also tweeted that Ford should start making ventilators fast.

The move escalated a feud involving the president, GM, several governors and medical experts over the severity of the crisis and just how many ventilators will be needed to handle it.

Experts say the U.S. is hundreds of thousands of breathing machines short of what it likely will need to treat a rapidly rising number of COVID-19 patients. New York, Michigan, Louisiana and the state of Washington have been singled out as virus hot spots in the U.S.

The series of tweets came just hours after Trump, during a Fox News interview Thursday night, said he had “a feeling” that the number of ventilators being requested to handle the virus was too high. GM said it is offering resources to Ventec “at cost.”

In the interview, Trump questioned whether the number of ventilators requested by hospitals was exaggerated: “I have a feeling that a lot of the numbers that are being said in some areas are just bigger than they’re going to be,” Trump said.

“I don’t believe you need 40,000 or 30,000 ventilators,” he continued. “You know, you’re going to major hospitals sometimes, they’ll have two ventilators. And now, all of a sudden, they’re saying, ‘can we order 30,000 ventilators?’”

His remarks contradicted medical experts and apparently were aimed at New York Gov. Andrew Cuomo, who has been pleading for 30,000 more ventilators to handle an expected surge in critical virus patients during the next three weeks.

“When the president says the state of New York doesn’t need 30,000 ventilators, with all due respect to him, he’s not looking at the facts of this astronomical growth of this crisis,” said New York City’s mayor Bill de Blasio on ABC’s Good Morning America.

 

2020-3-29 English Reading.

 

Nikki Haley Resigns From Boeing Board Over Opposition to Proposed $60 Billion Bailout


(COLUMBIA, S.C.) — Former U.N. ambassador Nikki Haley has resigned from the board of Boeing Co., cutting ties with a company she long supported as South Carolina governor because of her opposition to a bailout of the airplane manufacturer that is in the works amid the growing coronavirus outbreak.

“I strongly believe that when one is part of a team, and one cannot in good faith support the direction of the team, then the proper thing to do is to resign,” Haley wrote to Boeing CEO Dave Calhoun and board chairman Larry Kellner, in a letter dated March 16 and provided Thursday to The Associated Press. “As such, I hereby resign my position from the Boeing Board.”

hereby 特此

Earlier this week, Boeing said it was seeking $60 billion in federal aid for itself and its supply chain, both of which are struggling amid the COVID-19 outbreak, which has halted major travel and shuttered many businesses. The Trump administration has said it would back Boeing, which is also a top U.S. defense contractor.

back Boeing支持波音
defense contractor. 国防承包商
 

Haley, 48, joined the Boeing board last year after her departure from President Donald Trump’s administration. Popular in her home state, Haley moved back to South Carolina — where Boeing has a major production facility — founded a nonprofit organization, and wrote and promoted a memoir.

nonprofit organization非营利组织
memoir回忆录
 

As governor of South Carolina prior to joining the Trump administration, Haley fought attempts by unions to represent workers at the North Charleston plant where the company assembles its Boeing 787 jetliners. At the time, she said unions weren’t needed because companies in her state take care of their workers.

In 2017, workers at the plant voted about 3-to-1 against representation by the International Association of Machinists and Aerospace Workers, a resounding setback for unions that have long hoped to make inroads in the South.

Boeing is among the companies whose stocks are tumbling amid the COVID-19 outbreak. Earlier this month, the Chicago-based company said it had imposed a hiring freeze in response to the virus outbreak, which is undercutting air travel and threatening to kill airlines’ appetite for new planes.

2020-3-27 English Reading.

As Americans hunkered down at home to protect themselves from the spread of novel coronavirus last week, they filled their pantries with toilet paper, sanitizing products and…oat milk?
pantries (食品)储藏室
 
The milk alternative surged in U.S. sales by 477% during the week ending March 14 compared to the same period last year—one of the biggest increases of any food product, according to new data compiled by Nielsen.
During ordinary times, this increase might seem to have been caused by the milk alternative’s trendiness. But during a pandemic, consumers might have had more practical concerns.
Oat milk is shelf-stable—which means that consumers can keep it in their homes longer.
milk alternative 牛奶替代品
 

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.

non-perishable 不易腐烂的
 

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.

canned meat肉罐头

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%.

repressed 抑制
sunscreen 防晒霜

2020-3-26 English Reading.

(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.

puny 弱小的 微弱的

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.

2020-3-25 English Reading.

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.

Still, these hirings are hardly likely to offset the sobering losses in other areas.
即使如此,他们的招聘 几乎不能抵消 其他领域的严重损失
requiring engagement with large numbers of people需要大量人参与

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?”

what if  (用于疑问句句首,尤用于询问不希望看到的事发生时的结果)如果…怎么办

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

afoot 进行中
make end meet 收支相抵

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.

hardest hit 重灾区

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.”

2020-3-24 English Reading.

 

Like Diaz, Liliana Hernandez, a 42-year-old housekeeper, is also taking that risk.

Her employer, the Fairmont Miramar Hotel in Santa Monica, told her to stop coming to work this week after bookings dried up. Her husband, a restaurant worker, recently lost his job as well.

The couple has just two months’ worth of savings to support themselves and their teenage son. “Everybody is panicking,” says Hernandez, who’s going to try to find a job at a grocery store.

“I’m concerned about getting infected or something like that, but we have to go on and continue to work. My fear, I have to put it away.”

My fear, I have to put it away我必须把我的恐惧收起来

Many others, including the 78% of American workers who live paycheck-to-paycheck, have even less cushion.

“As a single mother, I don’t know what I’m going to do,” says Mélissa St Hilaire, 37, a home healthcare worker in Miami. She was asked to stay home starting Friday, but she only has enough money to get her family through next week.

“I don’t know how long it’s going to take,” she says of the pandemic. “I’m just here waiting.”

workers who live paycheck-to-paycheck月光族
cushion缓冲
 

The businesses that are hiring are largely doing their best to keep employees safe and vital services flowing, though no strategy is foolproof.

John DeCicco Jr., co-owner of New York supermarket chain DeCicco & Sons, has brought on about 100 additional employees to meet demand, including many laid off from a friend’s restaurant food supplier.

vital services 重要服务

Among other measures, he’s limiting his stores to 30-40% the normal occupancy rates, sanitizing regularly, and providing customers and employees with gloves.

“They’re on the front line, so you’ve gotta protect them,” DeCicco says. He’s also given employees two weeks of paid sick leave, in addition to their normal sick and personal days.

“They’ll take care of the customers as long as we take care of them,” says DeCicco of his workers. “That’s our philosophy, and that’s what we’re trying to do.”

in addition to 此外

 

Others are under even more pressure. Caleb Ferling, co-owner of Seattle-area commercial cleaner Cleanstart, recently hired 20 new employees to meet surging demand as clients seek to clean their potentially contaminated offices.

as clients seek to因为客户希望

He outfits his workers in full personal protective equipment, including respirators and biohazard suits, when they go out on a COVID-19 cleaning job.

But he’s running out of essential supplies like disinfectant, and says he’ll have to let workers go if he can’t find more.

“We probably have enough for maybe a handful more jobs, and then we’re done, we’re out,” Ferling says.

running out of  用尽

disinfectant 消毒剂

 

2020-3-22 English Reading.

 
Vincent Diaz, 38, has lived his whole life in Flatbush, Brooklyn, but he can’t remember his city ever being this quiet. “Even when you see people, the energy is different,” he says. Diaz lost his bartending job after New York Mayor Bill de Blasio ordered bars and restaurants to switch to takeout and delivery only. The overall mood in his neighborhood is somber amid what’s essentially a shelter-in-place order. “Nobody is smiling and happy, even on sunny days,” he says. “There’s always this sense of dread hanging in the air.”
bartending 调酒
takeout and delivery only. 只能外卖送货
 

As companies shutter and the economy grinds to a halt, Diaz is just one of the many thousands of Americans who have been, or are in danger of being, laid off amid the COVID-19 pandemic.

Aside from the hospitality industry, massive layoffs are expected in travel, manufacturing, and more. Some experts are predicting that the unemployment rate which had been functionally nil before this crisis  could climb as high as 20%, an unprecedented figure in the modern era.

hospitality industry酒店业

But even as the nation’s automakers stop building cars, airlines park most of their fleets and stadiums shut their doors, other companies are staffing up in a big way.

Facing a crushing surge in demand, companies that provide “essential” services like grocery stores and delivery firms are urgently seeking temporary help.

grocery stores and delivery firms杂货店和送货公司

Amazon is adding 100,000 new full-time and part-time positions to keep up with a surge in online shopping.

Walmart has announced it will hire 150,000 new associates. Kroger, a grocer, is hiring 10,000 new employees nationwide, while Safeway is bringing on more than 2,000.

Fittingly, some of the job postings read more like calls to war than hiring notices.

“We are currently experiencing a monumental surge in our sales & foot traffic,” read a March 13 letter from Costco management seeking temporary worker referrals from staff.

monumental 极其巨大的、纪念碑的
foot traffic,人流量
temporary worker referrals 临时工介绍

But many of the jobs being created amid the pandemic involve working at the front lines of the crisis.

For those who grab hold of one of these economic lifelines, it could mean putting themselves and their loved ones at risk of contracting the potentially deadly illness. “It would be a calculated risk,” says Diaz, who’s trying to find a job before he burns through his four months worth of savings.

As he sees it, we’ll all need people willing to expose themselves to danger to keep the rest of us going. “We need each other more than ever nowadays, and I think there’s going to have to be somebody, a lot of somebodies, who are going to be willing to go out there and engage.”

2020-3-21 English Reading.

 

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


General Motors Co., Ford Motor Co., and Fiat Chrysler Automobiles NV will temporarily shut down their U.S. plants in an effort to contain the spread of the coronavirus.
in an effort to 为XXX而努力

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.

familiar熟悉
people familiar with the matter,熟悉此事的人  即知情人士
asked not to be identified要去不能透露姓名
 

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.

partially部分地
shut down facilities on a rotating basis轮流关闭
 
Amazon.com Inc. is prioritizing the stocking and shipping of household staples and medical supplies as it struggles to deal with a surge in demand for online orders from customers avoiding stores during the coronavirus pandemic.
household staples and medical supplies 家用必需品和医疗用品
stocking and shipping 库存和运输
prioritizing优先
 

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.

warehouses仓库

2020-3-19 English Reading.

China Announces Expulsion of U.S. Journalists


The Chinese government moved Tuesday to strip credentials from American reporters working for the New York Times, The Wall Street Journal and the Washington Post, in a tit-for-tat exchange with the U.S. that has escalated in recent weeks. Beijing also demanded those outlets, as well as TIME and Voice of America, hand over details about personnel and operations.
The Chinese government moved 中国政府行动…to strip credentials 剥夺资格
tit-for-tat  针锋相对

China’s Ministry of Foreign Affairs instructed Americans working for the three U.S. newspapers whose credentials expire at the end of the year to turn in their press passes within 10 days. Those reporters would then be barred from reporting inside China, as well as in China’s semi-autonomous regions of Hong Kong and Macau. The ministry also demanded information “in written form” about staff, operations, finances and real estate of the five American news organizations, including TIME, in China, Hong Kong and Macau.

in written form以书面形式

The Chinese government said that the move to send reporters out of the country was taken in response to the U.S. not allowing more Chinese nationals working for state-run media to work in the U.S. On March 2, the Trump administration put a cap on the number of Chinese nationals allowed to be employed by five Chinese state-run news outlets operating inside the U.S. That action by the U.S. followed China’s decision to expel three reporters from the Wall Street Journal following the publication of an opinion article critical of the Chinese government.

expel three reporter驱逐三个记者

China’s “measures are entirely necessary and reciprocal countermeasures that China is compelled to take in response to the unreasonable oppression the Chinese media organizations experience in the U.S.,” the ministry wrote in a statement.

compelled 被迫的

Secretary of State Mike Pompeo called China’s announcement “unfortunate,” adding in remarks to the press Tuesday that he hopes “they will reconsider.”

Pompeo defended the State Department’s actions to limit the staff of Chinese state-run media in the U.S. “The individuals that we identified a few weeks back were not media,” Pompeo said, “but were part of Chinese propaganda outlets.”

defended辩护
propaganda outlets.机构