Headlines discussed at LNWM’s Monday morning briefing:
— The Federal Reserve cut its target interest to zero and announced $700 billion in gov’t bond purchases, on top of $1.5 trillion in liquidity for overnight lending market; US stock markets fell on the news.
— Chinese manufacturing fell 13% in Jan. and Feb. 1st drop in modern history, with retail down 20%; some foresee a drop in China’s 1st quarter GDP.
— The House, with support from Trump admin., voted to provide relief for Americans affected by coronavirus, including paid sick leave, unemployment and healthcare coverage.
— Eight of the largest US banks, including JP Morgan, BoA, Citibank, will stop buying back their own stock, per industry trade group.
— Germany is open to deficit spending (after decades of a balanced budget), as the Eurozone teeters on recession and ECB stimulus falls short.
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