Mortgage rates rise as market tightens amid pandemic
U S long term mortgage rates edged higher this week in a volatile market as demand for refinancing surged at historically low levels. Freddie Mac reported the 30 year fixed average at 3.65 percent, up from 3.36 percent, while the 15 year loan rose to 3.06 percent from 2.77 percent. Ford suspends dividend to conserve cash as factory shutdowns loom.
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Freddie Mac
Jobless claims surge as virus fears rise in US
The Labor Department reports a 70,000 jump to 281,000 unemployment benefit applications last week, the highest in over two years and amid signs that coronavirus containment measures are hitting jobs across sectors like hospitality and travel. Economists warn filings could top 1 million soon, with lawmakers plotting a near 1 trillion dollar relief package including US checks. Mnuchin pledged swift support and a strong rebound later in the year.
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Netflix
Streaming Revival Emerges as Virus Paralyzes Hollywood
Hollywood reels from the coronavirus while streaming surges. Netflix, Disney Plus, Hulu, and others see demand surge as Disney releases Frozen early and new series help fill homes.Industry analysts forecast subscriber growth and potential shifts in TV viewing while studios navigate a paused theatrical world.
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Fed expands currency swaps and lending to ease dollar funding
The Federal Reserve set up six to nine central bank currency swap lines totaling up to 60 billion dollars for some economies and 30 billion for others to supply dollars through foreign banks. It also reactivated its Money Market Mutual Fund Liquidity Facility to backstop short term financing for commercial paper and securities, supported by up to 10 billion dollars from the Treasury. The moves aim to ease dollar funding amid the viral outbreak and volatile markets.
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By Christopher Rugaber
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