Fed Chair Jerome Powell said the U.S. could face even greater risk from the coronavirus and its fallout if policymakers don’t continue efforts to prop up the economy on the long road to the other side. “The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” Powell said Wednesday. “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage.” Wall Street, untethered from weekly reports of unprecedented joblessness, fell on Powell’s warning.—David E. Rovella

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Here are today’s top stories

A report by disease control experts on how to safely reopen businesses was more detailed and restrictive than the plan released by the White House, the Associated Press said. The Trump administration shelved the report, which you can see here. In testimony before Congress Thursday, Dr. Rick Bright, an administration immunologist and whistleblower, is expected to say America faces its “darkest winter in modern history” if it doesn’t stop the coming second wave. A federal watchdog found “reasonable grounds” to conclude that Bright was removed from his government post for sounding the alarm.

As the coronavirus inflicts ever more death and economic carnage across the U.S., President Donald Trump is trying everything to distract from the consequences of a flawed effort to stem the pandemic.

Atul Gawande will leave his role as chief executive of Haven, the employer-led health venture by JPMorgan, Berkshire Hathaway and Amazon. The novel initiative has had little visible impact since launching in 2018. Its stated mission is to use the leverage of the three giant employers to “create better outcomes, greater satisfaction, and lower costs for their U.S. employees and families.” Gawande will remain with the company as chairman.

China is sealing off cities in a northeastern province that borders North Korea as a growing cluster of cases threatens to undermine its hard-won containment of the coronavirus epidemic.

Goldman Sachs economists revised their jobs forecast, saying the U.S. unemployment rate will peak at 25%, up from 15%. By the end of 2020, it will be 10%, they predict.

Tesla founder Elon Musk, a new darling of the right-wing, seems to have won his battle with Alameda County officials, who said Musk can reopen his Fremont, California, factory even though he already did in defiance of local law. The billionaire entrepreneur even earned support from Trump.

Those Monday through Friday commutes from Greenwich, Connecticut, to Wall Street may become a thing of the past. Connecticut Governor Ned Lamont said chief executives of some large companies have told him that telecommuting could help them save money by cutting office space by as much as 30%, signaling what may be a national shift by businesses.

What you’ll need to know tomorrow

If Sanofi can make a vaccine, it said the U.S. will get it first.
Virus survivors can suffer severe health effects for years.
The new $3 trillion bailout bill contains the seeds of compromise.
New Jersey heads toward reopening as revenues plummet 60%.
Luxury charter airlines are getting millions of dollars in bailout aid.
Businessweek: This is what happens if Trump gets the coronavirus.
Businessweek: New book sheds light on alleged flash-crash trader.

What you’ll want to read in Bloomberg Politics

Abrams Wants to Be Vice President. Harris, Too

Stacey Abrams, the former Georgia state legislator and rising Democratic Party star, and Senator Kamala Harris, the ex-presidential candidate, have both taken steps to ensure their names are high on the list of potential running mates for presumptive nominee Joe Biden. But while Abrams has been actively campaigning, Harris—who famously attacked Biden during the primaries and has been strongly criticized over her record as a prosecutor—has taken a subtler approach.

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