Domestic Politics
According to CNN projections, former VP Joe Biden will win the Washington State Democratic presidential primary. The delegate estimate currently shows Biden tied with Sen. Bernie Sanders, each winning 30 delegates, with 29 left to be allocated. Biden has taken the lead in the overall delegate count following an array of primary victories. Last week, he won Michigan, Idaho, Missouri, and Mississippi, while Sanders won in North Dakota. [CNN]
Presidential primaries have been postponed in multiple states due to the coronavirus pandemic, as the CDC recommended that no gatherings with 50 people or more take place for the next 8 weeks to slow the spread of the virus. Ohio, Louisiana, Georgia, and Kentucky have all shifted their primary dates to either the end of May or June. [CNN]
International Relations
In an effort to stop the spread of COVID-19, Canada is shutting its borders to all travelers who are not citizens, permanent residents, or Americans. PM Justin Trudeau said that exceptions will be made for diplomats and immediate family members of Canadian citizens, but emphasized that anyone displaying symptoms will not be permitted to board a flight to Canada, and that air operators will be required to complete a basic health assessment of every passenger based on guidelines from the Public Health Agency of Canada. [CBC News]
Health
Scientists at the Kaiser Permanente Washington Research Institute have begun a first-stage study of a potential COVID-19 vaccine developed in record time since the explosive spread of the virus in the last 2 months. According to senior health officials, even if the research goes well, a vaccine would not be available for mass consumption for at least 12-18 months. There are several other vaccine candidates in the pipeline, as scientists across the world are racing to find a way to curb the virus’ spread. [Al Jazeera]
Finance
The Canadian government and Bank of Canada have announced that they plan to purchase billions of mortgages and mortgage-backed securities to inject liquidity into the financial system. The moves are the latest in a series of measures by authorities to ensure that the global market crisis due to COVID-19 does not seize up the flow of credit to companies and households. [Bloomberg]
The US Federal Reserve announced on Monday that it will be slashing its benchmark interest rate to near zero, and that it would buy $700 billion in Treasury and mortgage-backed securities in an attempt to prop up the US economy in the face of an escalating coronavirus crisis. [The Guardian]
Despite dramatic efforts taken by the US central bank to limit the negative economic impact of the COVID-19 crisis, the Dow Jones index suffered its biggest-ever one-day points loss on Monday, down 3,000 points. In addition, the FTSE hit an eight-year low, tumbling almost 8% as markets were gripped by mounting concerns over the threat of a global recession. [The Guardian]
Business
US airlines are seeking a $50 billion bailout, calling for immediate relief in the form of direct aid and loan guarantees as the industry deals with severe disruptions due to the coronavirus pandemic. Analysts have predicted that based on current trajectories, most airlines will be bankrupt by the end of May as cash reserves run down, fleets get grounded, and flights operate at half their capacities. [The Guardian]
Image Source: Politico
