Good Evening,
Please find today's
Daily Update on the Coronavirus Outbreak for March 26th. Please let me know if you have any questions.
Thanks,
Jeff
INFORMS Members In The News
U.S. Federal Policy Update
- Late Wednesday night, the Senate passed a final version of a highly anticipated $2.2 trillion economic stimulus package by a 96-0 vote. This vote followed a series of intense negotiations between Democrats, Republicans, and the Trump administration on a bill originally proposed by Senate Republicans. The Senate was able to proceed forward with a package providing: $500 billion in assistance for distressed companies, $350 billion in loans for small businesses, $1,200 for low- and middle-income American workers, and more. The House is aiming to pass the deal Friday by voice vote, after which President Trump is expected to quickly sign the legislation into law.
- President Trump has continued to maintain his hope to open the economy sooner rather than later – at the very least for some parts of the country. However, experts and other lawmakers have continued to remain cautious as to whether that will be a possibility. House Minority Leader Kevin McCarthy (R-CA) stated that he "[doesn't] know that you can predetermine the exact date" for the economy to open. Furthermore, Dr. Anthony Fauci – the Director of the National Institute of Allergy and Infectious Diseases – stated that officials "don't make the timeline, the virus makes the timeline."
- The Federal Emergency Management Agency and the Cybersecurity & Infrastructure Security Agency held a joint call regarding the impact of the coronavirus pandemic on the U.S. supply chain. CISA Director Christopher Krebs announced that the next update of their critical infrastructure workforce guidance would be released tomorrow.
- There is already movement in Congress for potential "Phase 4" and "Phase 5" packages for coronavirus response. However, the Senate has officially departed for recess until April 20th, but Majority Leader McConnell has stated that lawmakers could return for further necessary votes within a 24-hour notice. Meanwhile, Speaker Nancy Pelosi has signaled her desire for House Democrats to take the lead on the next phase of response legislation, with a specific focus on more recovery efforts – including job building, infrastructure spending, and more funding for state and local entities.
Global Response
- Leaders from G-20 countries convened a video conference call to discuss the intergovernmental response to the coronavirus pandemic. Following this video conference, the country leaders released a statement committing to several collective actions, including a plan to "inject over $5 trillion into the global economy."
- The Trump administration is reportedly considering placing troops along the U.S.'s northern border with Canada, in order to curb unauthorized immigration. However, Canadian Prime Minister Justin Trudeau said today that their government is adamantly opposed to the plan, stating that this is "an entirely unnecessary step, which [they] would view as damaging to our relationship."
- Iran implemented a travel ban across the country today – banning all inter-city travel, while also instituting legal consequences for violating any of the measures the government has in place to contain the spread of coronavirus.
- The United Arab Emirates announced that starting tonight, the government will be implementing a curfew from 8 PM to 6 AM – which will last until Sunday night.
- Japanese Prime Minister Shinzo Abe announced today that Japan would ban visitation from any foreigners who have been to Iran and 21 various European countries in the past 14 days.
- The Chinese Foreign Ministry announced today that the country will temporarily suspend foreign nationals with residence permits and visas from being able to enter the country. Additionally, China's aviation agency issued regulations mandating that domestic airlines only fly one route per country and only one flight per week.
State Update
- Colorado Governor Jared Polis has issued a mandatory stay-at-home order that went into effect this morning at 6 AM, and will last through April 11th at least.
- Iowa Governor Kim Reynolds expanded their disaster health proclamation today, adding retail, restaurants, and bars to the mandated closures.
Economic Impact (as of close of the markets)
- U.S. stocks surged today overall, with all three indices earning strong gains following the Senate's aforementioned passage of the $2.2 trillion stimulus package. The Dow Jones Industrial Average was up by 6.4%, the S&P 500 by 6.2%, and the Nasdaq Composite by 5.6%.
- This jump recovered stocks that had declined earlier in the morning, with investors nervously anticipating the release of unemployment data – which ended up revealing that 3.28 million workers had filed for unemployment benefits.
Latest Numbers
- In the United States: Over 75,178 cases and 1,069 deaths in 50 states, 3 territories, and Washington, D.C.
- Worldwide: Over 489,500 cases and 21,975 deaths in at least 171 countries.
Other News (3/26/20)
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Jeffrey M. Cohen, MBA
Director, Public Affairs & Marketing
INFORMS
jeff.cohen@informs.org------------------------------