Treasury Secretary Steven Mnuchin announces via Twitter the IRS has delayed the deadline for tax filing to July 15th. However, anyone expecting a refund should file asap for obvious reasons.
The White House coronavirus task force briefing is being held today at 11:45am ET.
UPDATE: Video Added
Former White House Council of Economic Advisers Chairman Kevin Hassett is returning to the administration as a senior economic advisor to President Trump during the COVID-19 response.
Kevin Hassett is very sharp and a happy warrior by disposition. Hassett was excellent as CEA Chair and no doubt his rejoining the economic team with an advisory position to President Trump will bring a great voice back to the crew.
Comrade citizens, California governor Gavin Newsome announced today he has issued a statewide “stay at home” order. California residents can only leave their homes when necessary and/or critical during the coronavirus pandemic.
Public gatherings are not allowed. [Executive Order HERE] Under the order California residents can travel alone and visit: Gas stations, Pharmacies, Grocery stores, farmers markets, food banks, convenience stores, take-out and delivery restaurants; Banks and Laundromats/laundry services.
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We are entering into phase-3 of the supply-chain distribution shortages within the retail food sector. Phase-1 was immediate impact. Phase-2 was the spread to the warehouse and distribution. Phase-3 impacts are further upstream, processing & suppliers.
The current shelf-stock shortages are not soon to reconcile; however, the shortages are still in the regional phase. Meaning there is a big difference in the availability of products depending on the type of distribution network, and the specific retailers, in your area.
The ‘spider-spread effect’ happens when large metropolitan chains, serving large urban and megalopolis areas (1 million+ residents in 50 mile radius), reach a critical shortage in their supply network; and those residents then drive distances to locate their needs. This is going on now across the country as regional supply chains try to keep up with demand.
Most consumers are not aware food consumption in the U.S. is now a 50/50 proposition. Approximately 50% of all food was consumed “outside the home” (or food away from home), and 50% of all food consumed was food “inside the home” (grocery shoppers).
Treasury Secretary Steven Mnuchin called-in to Maria Bartiromo earlier today to discuss the overall financial approach of the Trump administration to the COVID-19 impacts.
Mnuchin has been working closely with House and Senate political leadership to structure the financial flow needed for particular sectors and workers inside the Main St economy. The target date for legislation directing the financial relief is early next week.
The underlying economy is strong. The treasury response is targeted to those who need short-term relief. Short-term economic indicators are no longer valid.
As you watch this, you start to realize the national panic hasn’t yet really sunk in. However, think carefully about the instability of Mr. Slavitt and how he expresses it.
Former Obamacare official Andy Slavitt appears on MSNBC in a state of panic to demand that all medical masks and equipment throughout the nation be sent to New York City; while accusing other states, including Texas, of “hoarding” critical healthcare supplies.
Former FEMA Administrator Craig Fugate recognizes that participating in any discussion with this level of emotional panic is not going to be helpful, he walks off set. WATCH:
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Panicked NYC resident and visibly unstable former ACA official Andy Slavitt, is talking about medical equipment when he demands all masks and supplies be redirected to New York with a sense of urgency. However, imagine *if* the shortage *was* food. Prepare yourselves and your family accordingly.
During the task force briefing President Trump announced authorizing to the FDA to relax regulationsto speed up clinical trials for several anti-viral remedies to treat coronavirus. Specifically citing a therapudic drug known as chloroquine President Trump noted trials are underway and could be made available for treatment “almost immediately.”
Now, a drug called chloroquine — and some people would add to it “hydroxy-.” Hydroxychloroquine. So chloroquine or hydroxychloroquine. Now, this is a common malaria drug. It is also a drug used for strong arthritis. If somebody has pretty serious arthritis, also uses this in a somewhat different form.
FDA commissioner Stephen Hahn told reporters scientists still have to conduct clinical trials to see if chloroquine, hydroxychloroquine, and several other anti-viral medications are effective against coronavirus. However, since chloroquine and hydroxychloroquine are already FDA approved to treat malaria & arthritis, they could be used to treat other conditions, including coronavirus, in an “off label” basis.
President Trump and the coronavirus task force hold a press briefing for the latest updates and information [Video Below – Transcript Added]
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[Transcript] – THE PRESIDENT: Thank you very much. I think this is going to be a very important conference and I’ll get to that toward the middle, but I have a few things to report. And I want to thank you all for being here.
And I have to say, I think with social distancing that the media has been much nicer. I don’t know what it is — all these empty — these in-between chairs. We probably shouldn’t have anybody sitting behind you either. You know, you should probably go back. But I love it. It’s so much nicer. But I shouldn’t say that because you’ll get me now.
As expected more retail food outlets are reducing store hours.
Several factors have increased retail market demand for fresh food and non-perishables. People stocking up, kids out of school, some panic shopping (example toilet paper) and now curfews & quarantines have people purchasing more for ‘meals prepared at home’.
Add in a level of closed restaurants and the demand on retail food markets is severely stressed. With that in mind what are you experiencing in your city, town or neighborhood market? Use the comment section to share your experience. How is the supply chain responding to the increased demand in your area? Has the panic buying settled down?