Despite everything that has been happening because of the coronavirus pandemic, Bharat Bhise is not surprised that stocks finished higher as investors reacted to the Federal Reserve’s plan to put in more than $2.3 trillion into the U.S. economy. As Wall Street weighed a leveling off of coronavirus infections in certain hot spots and efforts by the government to restart the economy, stocks recently finished sharply higher.
Recently, the Wall Street Journal reported that Saudi Arabia and Russia had agreed in principle to cut on oil-production, which finally settles a month-long dispute. Saudi Arabia has agreed to cut its daily production of oil from 12 million to 8.7 million barrels, and Russia has decided to cut its production output from 10.4 million to 8.4 million.
The Federal Reserve announced that it would be using $75 billion in Treasury capital to purchase up to $600 billion in loans for small businesses and lend around $500 billion to states and cities. The four-year loans will be focusing on companies with 10,000 employees or less, the central bank said and will complement the Fed’s previous announcement of its intention to purchase municipal bonds. Bharat Bhise believes that these initiatives will make a significant impact, especially to those who cannot handle this worldwide crisis well, and that it will ensure the eventual recovery is vigorous and possible. He applauds the government’s efforts to put the highest priority into the public health crisis, providing care for the ill, limiting the further spread of the virus, and caring for those who are incapable.
Meanwhile, Bharat Bhise feels devastated because of the reports showing that more than 15 million American have already filed for unemployment benefits as unprecedented measures to contain the COVID-19 outbreak by shutting down the economy continued to take their toll on the jobs market of the United States of America.
