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U.S. consumer spending plunges record 7.5%

Personal incomes also fell sharply last month

Failure, Stock Market Crash, Bear Market, Crisis

U.S. economy experienced sharpest drop since 2008 in first quarter

Some economists hold out hope for a quick and robust recovery once the health crisis is solved

Covid-19 relapse would hit credit ratings hard: Fitch

The rating agency's downside scenario for the global economy would impact a wide swath of ratings

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HSBC Bank Canada reports Q1 profit down as it expects downturn to hurt loans

StatsCan estimates suggest the Canadian economy pulled back 9% in March

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Federal Reserve expands lending to more cities and counties

The program will also provide three-year loans, up from the two-year loans the Fed previously announced

Central banks to provide US$6 trillion in QE: Fitch

Banks' balance sheets growing rapidly as Covid-19 response ramps up

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U.S. factory orders plunge 14.4% as economy grinds to halt

The March decline is the second-biggest decline on record

OSFI proposes new capital requirements for mortgage insurers

New home sales in U.S. plunge as virus hits

In March, sales were down more than 15%

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Trudeau promises $9B aid package for students amid Covid-19

Students to receive monthly payments of $1,250 through August

Annual inflation rate cooled in March to 0.9% as pandemic took hold

The slowdown in Canada was bigger than those experienced in the U.S. and U.K.