News Formal

Stocks tumble after double whammy of warnings from Fauci and Fed over pandemic economy

  • 📰 nationalpost
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Central bank officials cited risk of the potential for massive bankruptcies that could create a lasting scar

Stocks tumbled after a U.S. official warned against a premature reopening of the economy amid a dire outlook from Federal Reserve regional chiefs. Treasuries and the dollar climbed.

“You will get business failures on a grand scale and you will be taking risks that you would go into depression” if shutdowns persist, Federal Reserve Bank of St. Louis President James Bullard said in a video speech from that city Tuesday. Minneapolis Fed President Neel Kashkari warned of a “gradual, muted recovery” from the outbreak, while Dallas Fed President Robert Kaplan said the economy will need more fiscal stimulus if the jobless rate continues to rise.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks follow Wall Street higher on recovery hopesAsian stock markets and U.S. futures rose Monday as investors looked past dismal American jobs and other data toward hopes for a global recovery from the coronavirus pandemic.
Source: CTVNews - 🏆 1. / 99 Read more »