U.S. Economic News
March 3, 2020
U.S. News
The Wall Street Journal reports that G7 finance ministers and central bankers have announced that they stand ready to cooperate on policy measures to combat the impact of Covid-19 on global growth. Economists have warned, however, that governments will be unable to rely solely on lower interest rates to ease virus-related disruptions given that rates are already historically low. WSJ
According to the Financial Times, cash-strapped U.S. shale producers on the verge of bankruptcy are hoping for OPEC production cuts this week to prop up oil prices. The steep decline in demand since the coronavirus outbreak has pushed oil prices further below sustainable levels for many U.S. shale producers. FT