Yesterday the FED announced they would be holding rates steady...at 0% (as if they had another option).
FED Chairman Jerome Powell reiterated his willingness to do "whatever it takes" to backstop the market, commercial debt, CMBS, unemployed workers & small businesses.
This comes on the back of an ugly Q1-2020 GDP report yesterday morning, showing cracks in the armor of the U.S. Economy.
Unemployment claims top 30 Million
Jobless claims reported this morning showed a growth in unemployment of 3.84 million - reaching a total of 30.3M over the last 6 weeks.
Economists surveyed expected only 3.5M of jobless claims
While the chart below shows that the peak claims may have been reached, this is far from over.
Europe ain't lookin' too good...
Christine Legarde, Prez of the ECB alluded to the fact that Europe is going into full-blown recession.
Did she say that outright? Not exactly - but she did warn of a 15% plunge in the European economy.