Coronavirus live updates: Fed's Bullard calls shutdown 'massive investment in public health'

It was one in a series of grim messages from airline chiefs and labor unions this week about the abrupt collapse in bookings that coronavirus caused and the potential toll on workers. "Unless worker payroll protection grants are passed immediately, many of us will be forced to take draconian measures such as furloughs."

That is the view of St. Louis Federal Reserve President James Bullard, who argues that a potential $2.5 trillion hit coming to the economy is both necessary and manageable if officials move fast and keep it simple. It may seem an unconventional view in a moment of global anxiety, but Bullard argues the shutdown measures now being rolled out are essential to shortening the course of the pandemic.

Spain's death toll rose to 1,720 from a previous count of 1,326 on Sunday, according to multiple media reports citing the most recent health data, which also reported cases at 28,572 from a previous tally of 24,926. Spain is currently under nationwide lockdown.

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