For dairy farmers in the United States, the timing of the Covid-19 pandemic could hardly be worse. As the disease caused by the coronavirus SARS-CoV-2 spreads across the US and changes so many aspects of public life, it's also reshaping how consumers buy dairy products. School closings across the US—particularly elementary schools—have also put a major dent in milk consumption.
It's come to this - the White House is now advising everyone not to head to the grocery store or pharmacy in the coming two weeks. “The next two weeks are extraordinarily important,” White House coronavirus response coordinator Deborah Birx said Saturday at a press conference. “This is the moment to not be going to […]
- U.S.Yahoo Sports
UFC's Anthony Smith said the alleged home invader more than held his own in a subsequent fight.
An unofficial unemployment reading, if taken right now, would "probably" come in at 12% to 13%, ex-Federal Reserve chair Janet Yellen said Monday on CNBC.Unemployment Trending Higher If unemployment is standing at 12% to 13% right now this figure would only worsen over the coming days, Yellen said. The toll continues to rise by the day and how much worse the jobs market will get is dependent on how quickly America can get back to business.Other indicators to gauge the strength of the economy, such as credit card data, signal a "dramatic" decline in economic activity. Credit card data alone point to a second quarter GDP decline of 30% although Yellen said she has "seen far higher numbers" off other data.Related Link: Bernanke On How Coronavirus Differs From The 2008 Economic CrisisWhat A Recovery Looks Like A "V-shape" economic recovery is the "best case scenario" and current expectation calls for a return towards work as usual by the summer months, Yellen said. While a quick and swift economic recovery is possible, it's also possible the recovery will "look worse.""It really depends on my mind on just how much damage is done during the time that the economy is shut down in the way it is now," Yellen said.Banking System Compared to the prior economic crisis, the banking system as a whole is flush with superior liquidity and capitalized. But Yellen said she is "in favor" of asking banks to suspend dividends and stock buybacks. Banks tend to be reluctant to cut back on shareholder returns as doing so may signal they are "vulnerable" to market headwinds.The relevant regulatory authorities could ask the banks to suspend dividends and buybacks ahead of an era of economic uncertainty. This would represent a "different situation" as such a request would help banks meet the credit needs of the economy.What More Can The Fed Do The Federal Reserve has acted quickly and aggressively to support the economy and "pulled out all the stops," she said. The recent passing of the CARES act now implies the government has all the resources and tools to offer "massive support" to keep credit flowing.Janet Yellen speaks during an appearance at the University of Michigan. Photo by Dustin Blitchok.See more from Benzinga * Leon Cooperman, Others Weigh In On Whether The Stock Market Has Hit Bottom * Bernanke On How Coronavirus Differs From The 2008 Economic Crisis * BTIG's Emanuel Says Stocks Risk 1987's 40% Downside Scenario If Senate Doesn't Act(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- WorldUSA TODAY Opinion
China’s response was inept, dishonest and utterly inconsiderate of the world. We need to teach the Chinese government a lesson.
- LifestyleConde Nast Traveler
A look at the city that never sleep's now quiet streets and bridges. Originally Appeared on Condé Nast Traveler