Fed warns virus control will determine U.S. economic recovery

In today’s Daily Download episode, HousingWire covers the Federal Reserve’s prediction that the fate of the U.S. economy will depend on the successful management of the coronavirus pandemic.

For some background on the story, here’s a summary of the article:

The future of the U.S. economy depends on how well the coronavirus pandemic is controlled, the Federal Reserve’s rate-setting committee said on Wednesday. That’s not good news for a nation that leads the world in COVID-19 infections and deaths.

“The coronavirus outbreak is causing tremendous human and economic hardship,” the Fed statement said. “The path of the economy will depend significantly on the course of the virus.”

The statement came shortly after the U.S. broke the 150,000 threshold for deaths from COVID-19, as measured by Johns Hopkins University. The U.S. has about 4.2% of the world’s population and has recorded 23% of COVID-19 fatalities. The No. 2 nation for pandemic deaths is Brazil at 88,539, according to the Johns Hopkins data.

The way forward for a U.S. recovery is “extraordinarily uncertain,” Fed Chairman Jerome Powell said in a video-call press conference with reporters after the release of the statement.

Following the main story, HousingWire covers the differences between the HEROES and HEALS Act and a report from the Census Bureau that indicates the U.S. homeownership rate climbed to a 12-year high in the second quarter of 2020.

The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

• Fate of the economy depends on virus control, Fed says
• HEROES vs HEALS Act and what they would mean for housing
• U.S. homeownership rate soars to an almost 12-year high