[As of the week of May 9, the number of first-time jobless claims in the United States increased by 2.98 million]
As the US economy continues to be affected by the New Coronary Pneumonia Epidemic, the number of initial jobless claims in the United States has remained at millions of people for the eighth consecutive week . Although the number of initial jobless claims has fallen for the sixth consecutive week, since the outbreak in mid-March caused companies to close, there have been a total of 36.5 million applications for unemployment benefits, which is close to the number of unemployment benefits applied for during the 18 months of the last recession.
[Petro-Logistics: May to date OPEC + cut crude oil exports by 5.96 million barrels per day]
Petro-Logistics, an oil transportation consultancy, said that 14 days before May, crude oil exports from 13 OPEC member countries were higher than those from April. The data decreased by 4.85 million barrels per day. In the same period, the oil exports of 10 non-OPEC countries also declined, which was 1.105 million barrels per day lower than the April data.
[The latest data shows that as of May 13, the total size of the Fed ’s balance sheet was US $ 6.98 trillion, compared with US $ 6.77 trillion in the same period last week]
Summary of Institutional Perspectives
Deutsche Bank: Trump's "strong dollar" theory reflects unusual times
Before the epidemic caused the economic shutdown, Trump may object to the strengthening of the US dollar in order to promote increased net exports, but currently "price exchange rate-related price competitiveness is among the least faced by US exports. Ruskin said he said It ’s a great time to have a strong / stable dollar because it requires anything that emphasizes the confidence of US policies and institutions, and the weak dollar is easily interpreted as an imminent policy constraint and a sign of weakening US financial strength.
Nonetheless, "if the current fiscal deficit pushes the current account deficit to greatly expand and exceeds the range of -2% to -3% we have seen since the 2008 crisis," the dollar may be adversely affected. That would indicate "a real" double deficit "problem, not just that, like many other countries, this would be an unprecedented fiscal gap."
Bank of America says the market cannot "force" the Fed to implement negative interest rates
Operational obstacles include negative IOER, the US Treasury auction system and the legality of money market funds. Negative interest rates will hinder the key financial intermediary functions of banks, pension funds, insurance companies, and other institutions; it will also damage the profitability of banks, and pension funds and insurance companies may have difficulty managing larger liabilities. The financial industry currently does not seem to be prepared for negative interest rates, and it may take at least six months to a year to prepare for such policies. For now, "the Fed's position is very clear: even if there is a downside economic risk, they do not support negative interest rates."