U.S. Economic News
March 31, 2020
U.S. Economic Indicators
The Conference Board’s Consumer Confidence Index decreased sharply from 132.6 (revised) in February to 120.0 in March. Consumers’ short-term outlook deteriorated notably, though the Conference Board notes that the cutoff date for preliminary results was March 19, meaning further declines are likely to follow. Conference Board Report
U.S. News
According to the Wall Street Journal, the federal government is working this week to release funds from the coronavirus stimulus package to states to boost jobless benefits as record numbers of Americans file for unemployment. However, whether those payments actually reach workers will depend on how successfully states are able to administer their own unemployment systems, many of which are already overburdened and experiencing significant delays. WSJ
The Financial Times reports that the Fed has set up a new temporary facility to allow foreign central banks to convert their U.S. Treasury holdings into dollars, helping to meet the global demand for safe assets amid the coronavirus pandemic. The Fed move is likely to help countries that already have a significant stockpile of foreign reserves, but can do little to help countries without preexisting reserves. FT