"The explosion of COVID-19 infections ... is casting doubt on the magnitude of the expected surge in third-quarter consumer spending."
“It’s a very deep and dark hole and we’re coming out of it, but it’ going to take a long time to get out.”
“The sugar rush from re-openings has now faded and a resurgence of domestic coronavirus cases ... will weigh heavily on business investment."
“With a staggering 32 million Americans collecting unemployment checks and lumber prices at a two-year high, a robust housing market is unlikely.”
"While this recession didn't start with a capital spending slump, the weakness in investment spending could take a long time to dissipate."
The March decline in spending "is the tip of the iceberg. The worst is yet to come with the April data.”
“If the economy fell this hard in the first quarter, don’t ask how far it will crater in the second quarter because it is going to be a complete disaster."
With coronavirus lockdowns starting only in the middle of March, "far worse is to come in April and the second quarter more generally."
“Consumers shielded the economy from global headwinds for most of 2019 but they won’t prove immune to the coronavirus outbreak."
“Certainly, the economy isn’t firing on all cylinders, but it also doesn’t appear to be at risk of stalling out either.”
The Trump administration says reporters' use of computers in secure lockup rooms can give high-speed traders a "head start" on market-moving news.
“Despite the late start to the holiday season, U.S. consumers were in a festive mood, suggesting the backbone of the economy remains rock solid."
