The American economy continues to struggle under the impact of coronavirus, with a further 3.8 million people losing their jobs over the past week, bringing unemployment to over 30 million. Personal income has also declined further than expected.
More positively, on Wednesday evening, the Federal Reserve announced it would leave interest rates on hold. Perhaps just as importantly, Fed Chair Powell said that the central bank will do whatever is needed to contain the economic impact. On the back of this, the stock markets hit a temporary seven-year high.
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