Bloomberg

The U.S. presidential campaign has understandably taken a backseat to the global pandemic this month, but the two converged on Wednesday. After some Republican senators threatened to block an unprecedented, bipartisan, $2 trillion rescue package because it gives too much money to the unemployed, Democratic candidate Bernie Sanders grabbed the mic. The Vermont senator warned he would be the one to derail the deal if the Republicans, including Senator Lindsey Graham of South Carolina, were mollified. Sanders also said he wants the legislation to include tougher oversight on aid for corporations and to require them to pay higher wages and stop offshoring jobs. —David E. Rovella

Bloomberg is mapping the spread of the coronavirus globally and in the U.S. For the latest news on the outbreak, sign up for our daily newsletter.

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More than 20,000 people have died so far, double the number just five days ago. In America, President Donald Trump has reiterated his desire to lift restrictions much sooner than experts consider advisable, claiming the cure of shutdowns might be worse than the disease.

Authoritarian tactics being used by some nations to stamp out Covid-19 could be seen in a similar light. Unprecedented in peacetime and fueled by new technology, these new powers, not unlike those retained in the aftermath of the 9-11 attacks, may linger after the crisis has passed.

Like Trump, some Wall Street titans want Americans back on the job. Dick Kovacevich, ex-chairman of Wells Fargo, said healthy, younger workers should return in late April (if the outbreak is under control) to avoid a deeper economic calamity. “We’ll gradually bring those people back and see what happens,” Kovacevich said. “Some of them will get sick, some may even die, I don’t know.” 

Ninety-five percent of the more than 200 New York City residents who have died from Covid-19 had underlying health conditions. The pattern mirrors hard-hit places like Italy.

U.S.jobless claims last week saw the biggest spike since the aftermath of Superstorm Sandy eight years ago, jumping 33% to 281,000. New figures due Thursday could be as high as 3 million.

The Fed’s planned leap into the corporate-bond market has exchange-traded fund investors rushing in with billions of dollars.But distressed debt in the U.S. has quadrupled in less than a week to almost $1 trillion, a level not seen since the Great Recession.

The pandemic may soon affect your local forecast. With many commercial flights grounded, meteorologists who rely on data collected from planes are going without just as spring flood waters rise across North American and Europe.

What you’ll need to know tomorrow

What you’ll want to read in Bloomberg Pursuits

Home ‘Smart Bike’ Sales Are Booming (For Now)

Peloton and other home “smart bike” makers are experiencing a sharp increase in sales as a result of the Covid-19 pandemic. The machines, which allow riders to stream live spinning classes or compete with other users in immersive digital environments, are in sudden demand now that much of America can’t get to the gym. But the bump may not last.

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