The message from central banks is clear — there will be no recovery without people feeling safe about COVID-19, regardless of what governments do on lockdowns.
In a bitter blow for neoliberals, the US Federal Reserve has embraced a policy that emphasises unemployment more, and inflation less.
New figures from the US Federal Reserve paint a picture of high unemployment and zero movement on interest rates for years to come.
The ABS has revealed 2.7 million Australians have had their jobs affected by the pandemic, with 900,000 losing their jobs completely and 1.8 million losing hours or being stood down. Meanwhile, in the US, the economic debate is increasingly centred around the need for more stimulus.
Unemployment has surged to 3 million in a week as the coronavirus crisis hits the US services sector.
Unlike virtually all other Fed members, who essentially act as representatives of the big banks, Paul Volcker was wise to the role the banking sector plays in the economy.
US economists and policymakers are sufficiently concerned about wage stagnation to investigate the impact of corporate power. Meantime, here it's a chorus of Pollyannas.
Will the Federal Reserve cut rates this year? Everyone wants to know. Plus other business tidbits of the day.