11-14 minutes - Source: NYT
Global markets edge lower as investor enthusiasm wanes.Global markets edged lower on Wednesday amid ebbing optimism over global progress in fighting the coronavirus.
A city locks down to fight the coronavirus, but robots come and go.
The sudden usefulness of the robots to people staying in their homes is a tantalizing hint of what the machines could one day accomplish — at least under ideal conditions. Milton Keynes, with a population of 270,000 and a vast network of bicycle paths, is perfectly suited to rolling robots. Demand has been so high in recent weeks, some residents have spent days trying to schedule a delivery.
Is a Pandemic the Right Time to Start a Business? It Just Might Be
- Mr. Powell suggested that the central bank might expand its program to buy municipal debt and agreed that state and local governments could slow the economic recovery if they laid off workers amid budget crunches.
- Mr. Mnuchin warned that the economy may never fully recover if states extend their shutdowns for months — citing a risk of “permanent damage” — comments that reflect a change in focus by the Trump administration, which has tried to shift the economic discussion away from more financial support to allowing states to reopen.
- Lawmakers grilled Mr. Mnuchin and Mr. Powell over whether their efforts to shore up the economy were doing enough to help workers and smaller companies, and warned that they should not help large corporations alone. Lawmakers repeatedly urged the pair to get the midsize business “Main Street” lending program up quickly.
- Mr. Powell warned that the economy could face long-term damage if the policy response was not forceful enough, and reiterated that the economy might need more help to make it through the coronavirus period without lasting scars.
- Mr. Mnuchin, who previously said he expected that the Treasury would return all $454 billion from Congress, changed that benchmark on Tuesday, saying the “base case” now is that the government will lose money. “Our intention is that we expect to take some losses on these facilities,” he said.
Pandemic lockdowns have halted a booming film industry in the Hudson Valley.
Catch up: Here’s what else is happening.
- Urban Outfitters, which also owns Anthropologie and Free People, reported a 32 percent drop in net sales to $588 million in the first quarter and a net loss of $138 million, a decline that comes as apparel retailers continue to struggle with temporary store closures brought on by the pandemic. The retailer, which is known for its attractive and often large stores, said on an earnings call that it was negotiating with landlords on lease terms and cost reductions. It added that it was not willing to work with those who think “it’s 1995 and they can command any rent they wish.”