Gary Siegel

Incoming data continued to show massive hits from the efforts to stem the spread of COVID-19, with jobless claims doubling and the New York manufacturing sector hitting all-time lows in activity.

Wednesday’s economic data were not as bad as projected, but included just the beginning of the effects of the coronavirus on the economy.

Consumer confidence dropped in March as the economy shut down to prevent the spread of the coronavirus, but economists expected a larger decline.

While experts predict rates will not stay at zero lower bound as long as after the financial crisis, they don’t see a hike for years.

Consumer sentiment fell in March, with the final reading 89.1, its lowest since October 2016, down from 95.9 in the preliminary read.

Initial jobless claims surged, as expected, hitting an all-time high of a seasonally adjusted 3.283 million in the week ended March 21, as the impacts of the coronavirus-driven closures showed in the numbers, the Labor Department said. The previous high for claims was 695,000 in October 1982.

With the Federal Reserve bringing the target rate down to the zero lower bound, communication takes on a vital role, and, if used properly, can enhance Fed actions.

New home sales were up 14.3% from a year ago, despite a 4.4% decline in February to a seasonally adjusted annual rate of 765,000, the Commerce Department reported Tuesday.

The Federal Reserve continued its “aggressive” and unprecedented actions to try to stem the economic bleeding caused by reaction and shutdowns related to the COVID-19 outbreak.

The Fed allowing use of munis as collateral in its MMLF program won't fix all the problems caused by COVID-19 and may add issues.

As the Federal Reserve continues trying to keep markets liquid as the stock market sinks, economic data are showing the effects of COVID-19.

With a significant decline in new infections in China, positive news may be ahead, one expert says.

The Federal Open Market Committee lowered the fed funds rate target to between zero and ¼% in an emergency meeting on Sunday, but while analysts say the move was needed, they feel it will take more to offset the effects of COVID-19.

When the Federal Reserve began expanding its balance sheet with quantitative easing, it was seen as an emergency measure. Yet a decade later, the Fed is again in jeopardy of hitting zero lower bound and its balance sheet remains large.

The markets continue to sink on virus fears, as even a 50 basis point rate cut by the Federal Reserve last week didn’t turn the markets around. The Fed meets again next week and many see more easing, but will those efforts prevent recession?

Marc Odo, client portfolio manager at Swan Global Investments, discusses the Federal Reserve’s emergency rate cut, why more easing may not help, the rocky road ahead, and why consumer confidence will be the key indicator to watch. Gary Siegel hosts.

The Federal Open Market Committee cut the fed funds rate target 50 basis points to a range between 1% and 1.25%, it announced Tuesday.

Policymakers may not wait until their mid-month meeting and could act with other central banks.

The Federal Reserve is monitoring the COVID-19 issue and its economic effects, according to a release from the central bank, attributed to Chairman Jerome Powell, released Friday.

Monetary policy levels are “roughly appropriate” and should not need alteration this year, according to Dallas Fed President Robert Kaplan.