WTF Just Happened Today

Wednesday, April 29, 2020

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• ???? Daily Damage Report.

• ???? Global: Total confirmed cases ~3,173,000; Total deaths: ~225,000; Total recoveries: ~960,000. (Johns Hopkins University)

• ???????? U.S.: Total confirmed cases ~1,031,000; Total deaths: ~60,200; Total recoveries: ~117,000

• ???? Markets: Dow ????; S&P 500 ????; Nasdaq ????

• U.S. GDP contradicted 4.8% in the first quarter – the first negative reading since the first quarter of 2014 and the worst result on record since the Great Recession of 2009. Economists say the first quarter is a precursor to a far grimmer report to come on the April-June period, with business shutdowns and layoffs striking with devastating force. The Congressional Budget Office has estimated that economic activity will plunge this quarter at a 40% annual rate. (CNBC / Associated Press / Vox)

• Trump said existing coronavirus social distancing guidelines – set to expire with the end of April – will not be extended further. The administration said the existing social distancing recommendations will “be fading out, because now the governors are doing it.” (NPR)

• Millions of municipal workers could find themselves out of a job or without pay as cities and states face an urgent financial crisis, according to a new estimate from the National League of Cities. The reductions in staffing could affect education, sanitation, safety and health, and more. (Washington Post)

• Several states warned residents who are called back to work that they may be cut off from unemployment benefits if they refuse to return because they don’t feel safe. Concern about exposure to coronavirus is typically not a sufficient enough reason to stay home and continue collecting benefits, according to a recent guidance from the US Department of Labor. (CNN)

• ???? Live Blog: New York Times / Washington Post / CNBC / NBC News / CNN / CBS News / ABC News / NPR / The Guardian / Wall Street Journal

1/ Jared Kushner called the coronavirus crisis “a great success story” as the U.S. death toll crossed 60,000, with more than one million COVID-19 cases confirmed. “We’re on the other side of the medical aspec...

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