Headlines discussed at LNWM’s Monday morning briefing:
— Fed Chair Jerome Powell said the Fed is days away from making direct loans to small and mid-size US businesses, calling this “Main Street” program the Fed’s biggest challenge.
— The US personal savings rate hit a record 33% in April, as Covid-19 has caused Americans to stockpile cash and curb spending.
— Mortgage demand from US home buyers is unexpectedly strong, with new applications up 9% last week from a year ago.
— The US threatened to remove Hong Kong’s special trading status, as China edged closer to taking over Hong Kong, adding to already high US-China tensions.
— Major US retailers (including Target, CVS, Nordstrom’s), already hurting from Covid-19, temporarily closed stores across the US as ongoing protests over police brutality turned violent.
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