Good Evening,
Please find below and attached today's daily COVID-19 Update for March 24th. Please let me know if you have any questions.
Thanks,
Jeff
INFORMS Members In The News
U.S. Federal Policy Update
- Lawmakers from Congress and the Trump administration have been working throughout the day to reach a consensus on the highly-anticipated third coronavirus package. The $2 trillion economic stimulus plan has been getting closer to a compromise, especially after reaching a deal on enhanced oversight requirements for the $500 stabilization fund, which would provide loans for qualifying businesses in distressed economic sectors. It seems that lawmakers from both parties are optimistic that a bipartisan deal will be reached by tonight.
- President Donald Trump stated earlier today that he hopes to have the U.S. economy opened by Easter (April 12th). During a televised townhall at noon, President Trump said that the White House still plans to assess its social distancing strategy in two weeks, but that the administration is focused on opening up the American economy as quickly as possible. He emphasized that "the faster we go back, the better it's going to be." However, it remains to be seen what will happen, as this statement has already drawn concerns from scientific experts and lawmakers. For example, House Republican Conference Chair Liz Cheney (R-WY) tweeted that "there will be no normally functioning economy if our hospitals are overwhelmed and thousands of Americans lay dying." Additionally, most states have given governors the authority to issue orders, so it will still be up to governors to revise their state mandates on the ability for businesses to operate.
- Furthermore, the White House convened a last-minute press briefing of the Coronavirus Task Force this evening at 5:30 PM EST. At the press briefing, President Trump reiterated his hope that the economy could be reopened by Easter, with National Allergy and Infectious Diseases Institute Director Anthony Fauci stating that "it's a flexible situation." Furthermore, President Trump voiced his support for the work that both Republicans and Democrats in Congress are doing, stating that he has "confidence that Democrats will do the right thing" and get the stimulus package across the finish line. Separately, Vice President Pence emphasized the importance of state and local entities in the response effort, saying that the work is "locally executed, state managed, and federally supported."
- FEMA and DHS held a call with industry stakeholders this afternoon, regarding their respective agency actions and also concerns facing the supply chain. FEMA officials discussed ongoing work through their Emergency Support Function #14 capability to coordinate the intergovernmental response focused on the pandemic's impact on multiple sectors. The Cybersecurity and Infrastructure Security Agency is serving as the lead agency for ESF #14, and working closely with FEMA on the efforts. CISA Director Christopher Krebs stated that the agency's primary focus will be on avoiding disruptions to key infrastructure operations. The agency is also focused on countering against disinformation, ensuring critical functions can still operate, and maintaining IT systems. Director Krebs stated that they are working on an update to last week's critical infrastructure guidance – which will be released later this week.
Global Response
- The Tokyo Olympic Games that were set to occur this summer have been postponed until 2021.
- Indian Prime Minister Narendra Modi announced that a country-wide shutdown would begin at midnight tonight. This shutdown will last for the next three weeks.
- The Chinese government published a directive today that anyone traveling into Beijing from overseas must be immediately tested for coronavirus, and would also be required to complete a 14-day self-quarantine.
- Egypt announced today that the country would be implementing a 7 PM curfew starting tomorrow. This will be effective for the next two weeks.
- Thailand officially announced a state of emergency today.
State Update
- Hawaiian Governor David Ige issued a stay-at-home order for the state, to go into effect tomorrow at 12:01 AM and last through April 30th.
- New Mexico Governor Michelle Lujan Grisham issued a stay-at-home order late last night, which took effect today. This was coupled with an order from New Mexico Health Secretary Kathy Kunkel, ordering all non-essential personnel to stay home and all non-essential businesses to close. The measures will be in effect until April 10th.
- Virginia Governor Ralph Northam ordered all non-essential businesses to close, and also banned any gatherings of more than 10 people. This order will go into effect tonight at 11:59 PM, and will last through April 23rd.
- Tennessee Governor Bill Lee has called for all schools in the state to be closed until April 24th.
Economic Impact (as of close of the markets)
- U.S. stocks experienced a high surge today, with all three indices experiencing sharp increases. The Dow Jones Industrial Average rose by more than 11%, the S&P 500 by approximately 9.4%, and the Nasdaq Composite by approximately 8.1%. This was largely due to hopes that lawmakers would reach a final compromise on the stimulus package, as Glenmede Chief Investment Officer Jason Pride stated that "markets [were] definitely reacting to the prospects of a stimulus deal."
- While all three indices are still lower than their mid-February highs, today represents the largest one-day jump for the Dow Jones Industrial Average since 1933.
Latest Numbers
- In the United States: Over 52,215 cases and 675 deaths in 50 states, 3 territories, and Washington, D.C.
- Worldwide: Over 406,900 cases and 18,293 deaths in at least 166 countries.
Other News (3/24/20)
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Jeffrey M. Cohen, MBA
Director, Public Affairs & Marketing
INFORMS
jeff.cohen@informs.org------------------------------