Don and Galen Criqui


Don and Galen Criqui

7:00pm - 8:00pm

Business News

The ink is barely dry on the multi-billion-dollar House bill President Donald Trump signed yesterday and lawmakers are already rushing to agree on a second package. Even as Senators were voting 90-8 in favor of the legislation approved on Wednesday, they were working on measures which propose at least $1 trillion of aid. Senate Majority Leader Mitch McConnell wants Congress to work “at warp speed” on the complex measure which could include direct payment to taxpayers as well as help for industry and local government. With the House in recess this week, it will be Monday at the earliest before anything is ready for Trump’s signature. (Bloomberg)


Another Fed bullet yesterday promised a liquidity facility for money market mutual funds, marking the second program in two days to use a $10B backstop from the Treasury Department’s Exchange Stabilization Fund. It's a repeat from the 2008-era playbook, offering loans to financial institutions for use in buying assets from prime money market funds, which themselves purchase non-Treasury debt. According to the Fed, the "MMLF will assist money market funds in meeting demands for redemptions by households and other investors, enhancing overall market functioning and credit provision to the broader economy." (SA)


Jobless claims rose to 281,000 last week, reflecting only the first indications of the impact the coronavirus will have on the U.S. employment picture.  Companies are just starting to announce coronavirus-related layoffs, so the real damage probably won’t start showing through until next week’s count, which will entail the period through this Saturday.  Much of the layoffs have come from the hospitality industry. (CNBC)


With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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