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U.S. retail sales post biggest drop in a year; coronavirus drag coming
U.S. retail sales fell by the most in more than a year in February and the coronavirus pandemic is expected to depress sales in the months ahead, which could strengthen economists’ expectations of a consumer-led recession by the second quarter. The report from the Commerce Department on Tuesday showing broad weakness in sales came on the heels of the Federal Reserve’s aggressive step on Sunday to cut interest rates to near zero, pledge hundreds of billions of dollars in asset purchases and backstop foreign authorities with the offer of cheap dollar financing. Fed Chair Jerome Powell said the epidemic was having a ... (full story)
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