The World
The nation’s top two economic policy leaders offered contrasting visions, with Treasury Secretary Steven Mnuchin favoring a wait-and-see approach to more federal aid and Federal Reserve Chairman Jerome Powell suggesting more would be needed. Their positions reflected differing views on the prospects for a swift economic rebound. (Wall Street Journal)
Dallas Fed President Robert Kaplan said more help will be needed from the Federal Reserve and Congress to get the U.S. economy through its current slump. (CNBC)
State governments in the U.S. estimate the collective expense of fighting the pandemic at some $45 billion. Meanwhile, all 50 states have begun to reopen in at least some way, but there remain vast discrepancies in how states are deciding to open up. Excellent NYT graph. (Wall Street Journal, New York Times)
The House plans to overhaul the government's small business aid program, amid concern that it’s unworkable for many employers — a shift for Speaker Nancy Pelosi (D-Calif.), who has focused efforts on more comprehensive legislation. (Politico)
The Defense Department should prepare to operate in a "globally-persistent" novel coronavirus environment without an effective vaccine until "at least the summer of 2021," according to a draft Pentagon memo authored by the assistant secretary of defense for homeland defense and global security. (Task & Purpose)
Sweden is headed for its worst recession since World War II, as Scandinavia’s biggest economy will shrink 7% this year. An historic 30-fold spike in borrowing amid record job loss was revealed, while 40% of Sweden’s service sector businesses fear bankruptcy. Meanwhile, Sweden’s death toll unnerves its Nordic neighbours. (Bloomberg, Financial Times)
US Secretary of State Mike Pompeo became the highest-level US official to congratulate Taiwanese President Tsai Ing-wen on her inauguration to a second term – comments expected to trigger a furious reaction from Beijing. Meanwhile, as the Taiwan president rejects Beijing rule, China says 'reunification' is inevitable. (South China Morning Post, Reuters)
China’s military seeks a bigger budget amid growing threat of US conflict. The PLA will want to match or exceed last year’s 7.5 per cent growth rate as tensions mount on several fronts. (South China Morning Post)
Palestinian Authority President Mahmoud Abbas declared it free of its Oslo peace process commitments, including security understandings that have protected Israelis and preserved the authority’s political hold over the occupied West Bank. (New York Times)
In an alert that appeared aimed at Iran, the U.S. Navy warned mariners in the Gulf to stay 100 meters away from U.S. warships or risk being “interpreted as a threat and subject to lawful defensive measures.” (Reuters)
Federal regulators in 2018 revoked the license for the collapsed Edenville Dam in Midland and Gladwin counties, citing years of failure to address safety problems — especially the dam's ability to withstand a major flood. The Edenville Dam ruptured Tuesday after heavy rains, forcing the evacuation of thousands and potentially leaving downtown Midland under 9 feet of water. (Detroit Free Press)
Gen Z says the pandemic is the most impactful event in their lifetimes. (Morning Consult)
Finance
Yields on U.S. government bonds stalled near all-time lows, a sign that investors are anticipating a difficult economic recovery and years of aggressive monetary stimulus. The UK sold its first ever negative-yielding government bond. (Wall Street Journal, Financial Times)
U.S. airlines see glimmers of demand: Southwest and United said they see a moderate increase in bookings in recent weeks. Delta is likely to increase capacity this summer by adding flights in June and July. (CNBC, Reuters)
Weekly mortgage applications point to a remarkable recovery in homebuying. (CNBC)
Target sales surged in the most recent quarter, driven by online shoppers who stockpiled food and other essentials and more recently for items like electronics and makeup as states lift stay-at-home orders. Digital sales rose 141%. (Wall Street Journal)
Examining data from Chase cards, JPMorgan Asset Management's chairman of market and investment strategy finds consumer spending nationally is down 15 percent since last year. (Finance 202)
Global real estate sentiment declines. (Macrobond)
Technology
Joe Rogan is taking his podcast exclusively to Spotify in a licensing deal worth more than $100 million. The licensing agreement is one the largest such deals in the rapidly growing podcast business. (Wall Street Journal)
Mark Zuckerberg announced “Facebook Shops,” features aimed at making Instagram and Facebook true shopping destinations and giving small retailers a way to sell online that doesn’t involve Amazon. (Recode)
Google said it won’t create custom AI or machine learning software to help fossil fuel companies after a Greenpeace report highlighted cloud contracts between Microsoft, Google and Amazon and big oil firms. (OneZero)
Amazon released Crucible, a free-to-play title, its first major video game that sets the stage for a possible game-streaming service. (Bloomberg)
Corkscrew light promises higher optical-communication data rates. (ArsTechnica)
Smart Links
Cambridge University moves all lectures online until 2021. (BBC)
U.S. births dropped to 34-year low. (Science News)
Why do food delivery companies lose money? (New York Magazine)
Study on body posture: Powerful poses improve children’s self-confidence. (Science Daily)
Face mask selfies train the next facial recognition tool. (CNET)