Many people are turning to the plethora of free software like Zoom for virtual meetings, conferences, and basic human interaction. Early this week my family played Pictionary using the Zoom ‘whiteboard’ function and a pictionary random word generator. If you prefer more complicated or resource driven games try the link above!
Rates – continue to be volatile as lenders and investors price in the risk of unemployment, foreclosure, and forbearance. The correlation between the 10 year & mortgage rates is eroding as the Fed gobbles up MBS & Treasury bonds.
Government – a $2T stimulus package bill was agreed on this week.. Check this calculator to find out how much you might receive from the recent bill (basically $1,200 per person + $500 per child). Also included in the package:
- $500B in ‘liquidity assistance’ for industries under duress – $60B to airlines. A combo of loans and grants
- $130B to hospitals, drug development, PPE
- $250B in expanded unemployment. On top of state benefits laid off workers receive an additional $600 per week for an extra 13 weeks (up to 39 weeks)
- $150B to state & local government
Jobs – the number of people filing for unemployment for the first time spiked to 3.3M which is 5.5X higher than it was during the previous recession. Granted the circumstances are understandably different as the layoffs were generated by government imposed closures & social distancing policies levied in response to Covid-19.