Trump’s Aid for Farmers, Gig Economy, ECB Cavalry: Eco Day

(Bloomberg) -- Welcome to Wednesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• President Donald Trump announced a $19 billion coronavirus farm aid package as the coronavirus pummels farmers already struggling from years of depressed prices
  • Federal Reserve Chairman Jerome Powell sought to maintain neutrality in the debate over whether Congress should build on record stimulus
• U.S. births dropped to their lowest level in 35 years and the pandemic could send them down even further
• Gig-economy deliveries for groceries, alcohol and other goods look to be driving a nascent recovery in U.S. gasoline demand after the lowest plunge in almost 30 years
• Canada’s federal housing agency is considering scaling back mortgage underwriting practices to limit excessive borrowing due to the threat of significant declines in real estate prices and rising debt levels
• The European Central Bank is on the verge of finally getting proper help from politicians to fight the region’s economic battles, even if it stays alone on the front line for now
  • The ECB doled out 851 million euros ($931 million) to euro-area banks in the first round of a new liquidity program launched last month
• U.K. inflation slowed to the weakest level since 2016 in April as energy prices fell and the virus restrictions put the brakes on economic activity. Lockdown has pushed up some prices though, like computer game consoles, pizza and whisky
• China’s National People’s Congress, scheduled to begin Friday, is likely to signal stronger fiscal support for the economy but forgo setting a numerical growth target, Chang Shu writes for Bloomberg Economics

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