US: job losses were mounting before the coronavirus shutdown began.
The yield on the benchmark 10-year Treasury note, which moves inversely to price, dropped 7 basis points to 0.61%, while the yield on the 30-year Treasury bond was down at 1.26%. Data on Wednesday showed job losses were mounting before the coronavirus shutdown began. A report from ADP and Moody’s Analytics said companies reduced payrolls by 27,000 in early March. Actual losses for the month were far worse as indicated by the millions of people who already have filed unemployment claims. (CNBC)
Treasury Secretary Steven Mnuchin said Wednesday that he will ask Congress for more money to sustain U.S. small businesses during the coronavirus pandemic if the White House doles out all of a new $350 billion loan pool. As businesses across the country shut down to limit the outbreak’s spread, Congress passed the small business funding last week as part of an unprecedented $2 trillion package to try to prevent economic calamity. (CNBC)