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The Federal Reserve is only the “third chair” in the coronavirus crisis behind the health response and fiscal measures, Richmond Fed President Thomas Barkin said and argued that the reopening of the economy cannot wait for a zero infection rate.

Additional takeaways

“Small business administration is not designed to move money at scale like it has been asked to do in the current crisis.”

“Restoration of consumer confidence is the most difficult challenge to economic recovery.”

“Post-crisis recovery may require redeployment of workers from restaurant service jobs to occupations like home health care.”

Market reaction

The US Dollar Index continues to move sideways a little above the 100 mark and remains on track to close the second straight day in the positive territory.