Balance Sheet Blowout, Jobless Spike, RBA 1-Week of QE: Eco Day

(Bloomberg) -- Welcome to Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend:

• The Fed’s balance sheet topped $5 trillion for the first time amid aggressive efforts to cushion debt markets. Fed chief Jerome Powell said it will maintain its muscular efforts to support the flow of credit
• The magnitude of the economic devastation was laid bare on Thursday when U.S. jobless claims jumped to 3.28 million
• Australia’s central bank is one week into buying government bonds in attempt to lower interest rates across the economy and the early verdict: so far so good
• The scond virus shockwave is hitting China’s factories, with european and U.S. firms canceling orders and delaying payments as their economies all but grind to a halt
• The global recession has already begun. That’s the takeaway from Bloomberg Economics’ review of high-frequency data across major economies, writes Tom Orlik
• India announced a 1.7 trillion rupee ($22.6 billion) spending plan as part of measures to ease the economic impact of coronavirus pandemic on the poor
• The U.S. is entering a sharp recession, with some projecting GDP is headed for its worst drop in quarterly records back to 1947
• The ECB scrapped most of the bond-buying limits in its 750 billion-euro emergency program, in a landmark decision. Christine Lagarde isolated herself following exposure to an infected person
• In the heat of a global crisis, economic orthodoxies are getting tossed aside at a furious pace. Some of them may be gone for good
• The Bank of England said the economic fallout from the coronavirus pandemic risks becoming entrenched
• Canada’s government and central bank are gearing up to acquire hundreds of billion of dollars in assets from the financial system in order to keep markets running smoothly
• Aboriginal Australians are among the most vulnerable, meaning the battle to stop the virus’s spread could literally be life or death. Indigenous communities across the world are preparing for the fight
• Global central banks tapped the Fed’s FX swap lines for a total of $206.1b, in the week ended March 25
• President Donald Trump said leaders from G-20 nations discussed the importance of sharing data and information. The IMF on Thursday asked for more support to keep monetary systems from seizing up

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