The Federal Reserve on Monday unveiled an unprecedented series of emergency measures to stave off the worst of what promises to be a grim year for the U.S. economy. The central bank said it will buy unlimited amounts of Treasury bonds and mortgage-backed securities to keep borrowing costs low. It also plans to ensure credit flows to companies as well as state and local governments. But it wasn’t enough for equity markets, as they continued their downward trajectory. Wall Street seems to be waiting for a deal on Capitol Hill, where Senate Democrats are holding out for more worker protections and oversight in a gargantuan $2 trillion rescue package. House Speaker Nancy Pelosi, who has her own version of the legislation, said the Republican bill puts “corporations first, not workers and families.” Republicans complained Democrats want to add climate change-related items, or “green strings.” —David E. Rovella

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Here are today’s top stories

A crisis in credit markets deepened as funds that own mortgage bonds sought to sell billions of dollars in assets to meet investor redemptions. Globally, the International Monetary Fund says there will indeed be a recession, and it will be at least as bad as the last one.

Coronavirus cases worldwide skyrocketed over the weekend. Even in Wuhan, China, asymptomatic but contagious people are still being found. In Iceland, half of those found to be positive display no symptoms. As a result, scientists are worried that a lack of widespread testing for the seemingly healthy may hinder the ability to slow the pandemic.

With Covid-19 testing still unavailable to most Americans and hospitals warning of a catastrophic spike in cases just as they run out of supplies, President Donald Trump has instead been talking about reopening the nation and lifting stay-at-home orders. State officials spent the weekend condemning his refusal to order U.S. companies to produce medical supplies, while companies were baffled by Trump’s remarks on how they were supposed to help. Then there’s the new study showing that keeping current restrictions in place until the virus peaks could prevent 600,000 American deaths.

An experimental vaccine for Covid-19 could be available to a select few as soon as this fall, and China is working overtime to supply ventilators to Europe and America. Deaths in Italy have slowed for a second day.

While the world focuses on the pandemic, the Trump administration has been pushing for emergency legislation that would give U.S. judges the power to extend deadlines for prosecuting criminal cases during the outbreak. A national legal organization warned that such a move would have dangerous implications for American civil rights.

Chinese diplomats are publicly sparring over whether to take a confrontational approach with Trump as officials and politicians in both nations spread conspiracy theories about the origin of the coronavirus.

What’s Joe Weisenthal thinking about? The Bloomberg news director thinks a lot of folks have it wrong when it comes to the about-to-explode U.S. deficit. One thing the crisis has exposed is how little savings are held in the private sector and among consumers. This crisis did not, as some suggest, expose the folly of running up deficits in recent years, Joe contends. It exposed the folly of not pursuing aggressive fiscal policies earlier that would allow households and businesses to save more money.

What you’ll need to know tomorrow

• Senator Rand Paul opposed coronavirus bills. He tested positive.
• Here are the stocks his colleagues sold before the market crashed.
• Trump is urged to ease sanctions on a virus-hobbled Iran.
• Loss of taste and smell may be an early indicator of infection.
• Putin is exploiting Europe’s disarray with help for a stricken Italy.
• Boeing has temporarily shut down its Seattle-area factories.
• Stay-at-home decrees are crushing U.S. small business.

What you’ll want to read in Bloomberg Pursuits

Americans Are Stocking Up on ‘Comfort Booze’

Craft cocktails? Mixologists? Organic lime juice for your gimlet? Forget that. Sales at liquor stores and home delivery of booze have ramped up sharply during the coronavirus crisis, as consumers are stocking up on familiar bottles to get them through.

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