NEW YORK: The US Federal Reserve on Monday rolled out an extraordinary array of programmes to backstop an economy reeling from sweeping restrictions on commerce that scientists say are needed to slow the coronavirus pandemic and ultimately keep more people safe.
Nearly a third of the US population has been urged to stay indoors as governors from California to New York mandate"social distancing" and the shutdown of non-essential businesses to slow the person-to-person spread of the virus. US stocks slid on Monday and yields on US Treasuries fell after the announcement, as US lawmakers struggled to reach agreement on a far-reaching coronavirus stimulus package on Monday after falling short on a deal over the weekend.
Hundreds of thousands of people have already filed for unemployment insurance in California alone, the state's governor said at the weekend. Many analysts are projecting the US economy to shrink faster next quarter than it did in any quarter during the Great Recession.
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