The Day Today

• Fed announces new measures including open-ended asset purchases
• Hong Kong readies for a second wave of the virus
• South Korea fewest new virus cases since Feb 29th peak
• TVIX.O is an exchange traded product that trades like a stock tied to movements of Wall Street’s “fear gauge”,

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• Fed’s Bullard sees US unemployment 30% and GDP -50%
• National Bureau of Economic Research panel member and Harvard University professor James Stock said “reasonable scenario that we might be in this lockdown setting for quite a while,

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• California issued a stay at home order
• Cathay Pacific reduces passenger capacity by 96%
• Fed balance sheet has reached a record $4.7trn
• China central bank adviser says they have room to cut the Reserve Requirement Ratio
• G7 June meeting at Camp David sees in-person meeting cancelled, 

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• Spain called for European wide fiscal response
• ECB allotted €115bn in cheap loans, first post crisis TLTRO
• Boris Johnson will provide a Trade Bill as they push on with Brexit,

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