Fed Flying Blind, China Monetary Pledge, India Reopens: Eco Day

(Bloomberg) -- Welcome to Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the week:

• Millions of virus-idled American workers are Jerome Powell’s biggest worry, and how to ease their plight with monetary policy is his largest challenge
• The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth
• As India begins gradually easing stay-at-home restrictions across the country, reopening the economy isn’t going to be a straightforward exercise after millions fled to their rural homes
• The pandemic will hammer South Korea’s exports more than the financial crisis did, prompting a major rethink of global supply chains
• Asia’s service sector is experiencing even greater devastation than manufacturing has incurred from the virus, writes Chang Shu
• President Donald Trump’s top economic advisers argued that a “safe” reopening of the U.S. is needed urgently as they stare down the worst job numbers since the Great Depression
• Americans should brace for even more gut-wrenching news on unemployment amid the pandemic, and Congress should consider providing more help, said Minneapolis Fed chief Neel Kashkari
• The moments when Germany and the U.K. each precipitated into an economic freefall will be revealed this week in GDP data giving an initial glimpse of the carnage to come
• The Swiss National Bank intensified its foreign exchange interventions and can cut interest rates further as the pandemic exerted “enormous” upward pressure on the franc, Swiss weekend newspapers cited President Thomas Jordan as saying
• Europe faces a tough road ahead rather than a snapback in the economy as officials take tentative step to reopen
• The IMF isn’t backing away from its view that Qatar could pull off a budget feat only a handful of nations might accomplish this year
• Ordinarily, a half-empty restaurant would be a distressing sight for John Metz Jr., co-owner of the Marlow’s Tavern chain in Atlanta. Right now, it feels like a hopeful sign

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