March 27, 2020 – 1:00PM. President Donald Trump has signed the $2.2 trillion coronavirus economic stimulus bill, which will provide direct cash payments to more than 90 percent of Americans. (Source: WTXL Tallahassee)
🚨 Help is on the way. 🚨
President @realdonaldtrump just SIGNED the Coronavirus Aid, Relief & Economic Security Act into law.
This is a rescue operation for the American people.
↓ Here’s what it does ↓ pic.twitter.com/yXys2wWrUH
— Senate Republicans (@SenateGOP) March 27, 2020
11:00 AM. House passes historic $2 trillion stimulus despite objections from GOP lawmaker. The House of Representatives on Friday approved the historic $2 trillion stimulus package that passed the Senate earlier this week, overcoming last-minute drama by using an unusual procedural move to thwart a demand by a conservative Republican to force members to vote in person.
The House’s passage of the bipartisan #CARESAct sends a clear message: we are all committed to protecting America’s workers and families as our nation confronts this public health crisis. #FamiliesFirst pic.twitter.com/2WnvA0U9aG
— Nancy Pelosi (@SpeakerPelosi) March 27, 2020
Earlier this week on the Coronavirus Stimulus Package
March 25, 2020. Lawmakers and the Trump administration, as expected, reached a preliminary agreement on an estimated $2 trillion Coronavirus stimulus package. Yesterday stocks rallied on the assumption a deal would get done. A lot is being made that the DJIA had the best day since 1933; it is just a number and has no significance but does make a nice headline in otherwise dire news. The stock indexes this morning aren’t moving much, but the indexes are better. Now the money will flow to individuals and businesses.
For big business help, there are strings attached that will eventually help facilitate quicker repayment. Boeing this morning did, however, draw a line in the sand, saying any assistance from the government will be refused if the string is an equity position in the company. Airlines will be given grants with strings, no layoffs for a yet settled date, and airlines may have to provide an equity position to the government until specific goals are achieved. Overall there are a lot of specifics that haven’t been revealed yet.
March 26, 2020. The Senate on Wednesday approved a historic, $2 trillion stimulus package to provide a jolt to an economy reeling from the coronavirus pandemic, capping days of intense negotiations that produced one of the most expensive and far-reaching measures Congress has ever considered. In a remarkable sign of overwhelming bipartisan support for the legislation, the vote was unanimous at 96-0. (Source: CNN)
March 27, 2020. The House of Representatives on Friday approved the historic $2 trillion stimulus package that passed the Senate earlier this week, overcoming last-minute drama by using an unusual procedural move to thwart a demand by a conservative Republican to force members to vote in person. The bill now goes to President Donald Trump’s for his signature as the American public and the US economy fight the devastating spread of Covid-19. (Source: CNN)
Coronavirus Stimulus Package Summary Details
Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others.
The White House and Senate leaders struck a major deal early Wednesday morning over a $2-trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, capping days of marathon negotiations that produced one of the most expensive and far-reaching measures Congress has ever considered.
The full details have yet to be released. But over the last 24 hours, the elements of the proposal have come into sharper focus, with $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. (Source: CNN.com)
A centerpiece of the stimulus package is that it will provide direct financial assistance to Americans in the form of checks with the amount received based on income. Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child.
The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children. In addition, the bill would provide billions of dollars in aid to hard-hit hospitals struggling to deal with the outbreak as well for state and local governments that are cash-strapped due to their response to coronavirus. (Source: CNN)
The Senate has voted 96-0 on the Coronavirus Stimulus Package
The Senate passed the bill, 96-0, and the House is set to follow suit Friday. CNN reporters read through the entire legislation. Click HERE for a list of highlights from CNN.
Billions in assistance for companies, states, and cities. Along with checks to most Americans and loans to small businesses to maintain payroll. No help though for government leaders; businesses owned by the president, vice president, members of Congress, or heads of executive departments would be excluded from receiving aid. The block would also extend to companies controlled by their children, spouses, or in-laws.
Investors are awaiting specific details about the pending legislation, which is likely to include direct financial checks to many Americans, an expanded unemployment-insurance program, and loans to businesses. The stimulus measures come as markets brace for a surge in unemployment claims tomorrow as business activity stalls while the nation tries to contain the outbreak.
Corona Virus Stimulus Package Vote on the House
This morning, weekly MBA mortgage applications (the MBA data accounts for 75% of the apps) declined as expected. The composite -29.4%, purchase apps -15.0%, refinance apps -34.0% from the prior week.
Feb durable goods released at 8:30 am ET; it’s a preliminary report. Orders were expected at -0.7% but increased by 1.2%. Excluding volatile transportation, orders expected at -0.3% were down 0.6%. Core capital goods expected to come in at -0.4%, were down 0.8%. This, of course, is February data. January’s new orders initially reported -0.2% was revised to +0.1%.
At 9:00 am ET, January FHFA housing price index expected +0.4% as released +0.3%. January revised from +0.6% to +0.7%, yr/yr price index +5.2%. Old data.
At 9:30 am ET, the DJIA opened +225, NASDAQ unch, S&P -1. 10 yr note yield 0.83% -1 bp. MBS securities prices at 9:30 am ET +30 bps from yesterday’s close and +86 bps from 9:30 am yesterday.
At 1:00 pm ET, Treasury will sell $41B of 5 yr notes.
Coronavirus COVID-19 Updates
In the United States as of this writing, there are 61,928 COVID-19 cases and 865 deaths. (Source: CNN.com)
Cases top 435,000; 19,625 dead, 111,822 recovered: Johns Hopkins data. Meanwhile, there are larger estimated from an independent site that began tracking the virus since January. Tokyo asks people to stay inside as new cases spur lockdown risk. India locked down, UK shuts parliament; Iran, Singapore tightens curbs. Fired Americans send state unemployment websites crashing down. The humming of Chinese plants returns as the rest of world reels.
- Coronavirus Stimulus Package Details
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