WP ! Mask shortage for most health-care workers extended into May, Post-Ipsos po

Mask shortage for most health-care workers extended into May, Post-Ipsos poll shows

Front-line health-care workers still experienced shortages of critical equipment needed for protection from the coronavirus into early May — including nearly two-thirds who cited insufficient supplies of the face masks that filter out most airborne particles, according to a Washington Post-Ipsos poll.

More than 4 in 10 also saw shortages of less protective surgical masks and 36 percent said their supply of hand sanitizer was running low, according to the poll. Roughly 8 in 10 reported wearing one mask for an entire shift, and more than 7 in 10 had to wear the same mask more than once.

The dire shortage of personal protective equipment for health-care workers emerged in March as one of the earliest signals of the country’s lack of preparation for the coronavirus pandemic. Nurses and others have said they were forced to put their own health at risk caring for highly infectious patients because they lacked adequate supplies, in particular N95 masks, which filter out 95 percent of airborne particles.

State governments and medical facilities went to extraordinary lengths to obtain, preserve, sanitize and reuse masks designed to be disposed after a single use if necessary. Health authorities asked a frightened public not to worsen the shortage by snapping them up.

The Post-Ipsos poll may provide the clearest nationwide measure to date of the shortages during those weeks, when the virus surged through parts of the country, overwhelming some hospitals in New York City and placing others across the nation under tremendous strain. The survey interviewed a national sample of 8,086 U.S. adults, including 278 people who work with patients in health-care settings, such as doctors’ offices, clinics, hospitals and nursing homes. The poll was conducted from April 27 to May 4; results among health workers have a 6.5-point margin of sampling error.

“Covid hit like a tidal wave. We went from nothing to insanity,” said Ronnie Dubrowin, a certified nurse midwife from Connecticut who responded to the poll. “It was like one week no one had heard of this disease and the next week everybody had it.”

Dubrowin, who sees obstetric patients in two hospitals and one office setting, said masks were in such short supply during the early days of the outbreak that she resorted to heating hers in an oven to kill the virus.

“Getting protective gear was difficult for everybody,” Dubrowin said. “It became a mission of so many people in hospital settings to get protective gear for their employees.”

Despite shortages, 75 percent of the health-care workers said their employer was doing enough to ensure their safety. They also gave high marks to state officials, with 71 percent approving of their governor’s handling of the crisis.

They had much less confidence in President Trump. A 59 percent majority disapproved of his handling of the coronavirus pandemic, while 41 percent approved.

Nearly a third of health workers said they believe restrictions were being lifted too quickly in late April and early May. A slim majority, 53 percent, said state governments are handling the pandemic about right, and 15 percent felt restrictions are not being lifted quickly enough. Those views are roughly similar to those of the general public, as are the ratings of Trump and governors.

Long Vinh, a pediatrician who works in the neonatal intensive care units at two San Francisco-area hospitals and took part in the survey, said at the beginning of the outbreak some steps were taken to preserve masks, out of fear there might be a shortage. Now, he says there are no shortages of masks, gowns or other protective equipment at those hospitals: California Pacific Medical Center and Mills-Peninsula Medical Center.

“I really feel that being in the Bay Area, we were blessed and fortunate to have both a wealth of hospital capacity and resources and political leadership that took the crisis seriously,” he said.

Vinh said that while he had some concerns of an overall shortage early on, “I never felt like I was put into a situation where I might have a covid exposure where I wouldn’t have all the protection I need.”

The survey showed that more than 7 in 10 health-care workers expressed concern about exposing members of their household to the virus after coming in contact with it at work, and roughly half were regularly changing out of clothing before entering their homes. About a third said someone at their workplace has been infected by the coronavirus. A 58 percent majority said it is likely they have been exposed at work.

One woman, who works in a small, residential mental-health treatment center in Minnesota, said she and other workers are not provided masks, though they are seeing adults who come from hospitals and elsewhere and who could be infected.

The woman, a counselor who spoke on the condition of anonymity to discuss decisions made by her employer, said she is concerned about bringing the virus home to her young child.

“We have some capacity to social-distance . . . but with the size of our facility and the office space availability, I’d say 80 percent of the time that’s not possible,” she said.

More than three-quarters of health workers felt that people appreciated their efforts, and a similar proportion said someone has thanked them for their work since the outbreak began.

Just over 1 in 10, or 12 percent, of health-care workers said they do not have health insurance themselves. More than 6 in 10 have paid sick leave, though over 3 in 10 do not and the rest were not sure.

And the financial outlook for many is shaky. Nearly half of health-care workers, 48 percent, were at least somewhat concerned about paying their bills.

The Post-Ipsos poll was conducted through Ipsos’s KnowledgePanel, a large online survey panel recruited through random sampling of U.S. households.

FT : US sets $200bn fundraising goal for Fannie and Freddie

US sets $200bn fundraising goal for Fannie and Freddie
New capital proposal envisages world’s largest ever IPO next year for mortgage finance giants

The Trump administration attempted to kick-start plans for the privatisation of Fannie Mae and Freddie Mac, the US mortgage finance giants bailed out by the taxpayer in 2008, saying they would need to raise around $200bn to return to private control.

The proposal on Wednesday, pitched as the next step towards what could be the largest public offering in history, comes against the backdrop of tumbling profits at the two companies, which guarantee more than half of all US mortgages.

Millions of Americans are skipping payments during the coronavirus downturn under a forbearance programme promoted by Fannie and Freddie, which has set back the companies’ ability to rebuild their balance sheets on their own.

“We must chart a course for the enterprises toward a sound capital footing so they can help all Americans in times of stress,” said Mark Calabria, the director of the Federal Housing Finance Agency, which regulates the companies. “More capital means a stronger foundation on which to weather crises. The time to act is now.”

The new minimum capital proposals would require Fannie and Freddie to hold a combined $240bn — more than envisaged under an earlier plan in 2018 that did not come to fruition.

Fannie and Freddie have been under conservatorship — which means they are under government control, but without their assets appearing on the public balance sheet — since 2008, when their previous capital cushions proved insufficient to ride out the financial crisis.

Last year, Steven Mnuchin, the Treasury secretary, suspended the rule under which the two entities had to hand over the bulk of their profits to the Treasury each year.

Since then, the two have increased their capital from $3bn to $23.5bn. The plan released by Mr Calabria on Wednesday does not address future payments to the Treasury, but it is likely that the companies would be allowed to retain their profits for another year before raising the rest of what they require from private investors.

The re-privatisation of Fannie and Freddie remains a complex and politically fraught prospect, given how central the pair are to the American housing market. The fixed-rate 30-year mortgages used by most borrowers are made possible largely because of Fannie and Freddie’s guarantees, and the bailout of the companies provoked a firestorm.

It is unclear what approach a Democratic administration might take if Donald Trump loses November’s presidential election.

The required fundraising could easily be around $200bn, said Trump administration officials, which would probably dwarf any other initial public offering in history even if some of the money came in the form of bonds or other instruments rather than equity.

Saudi Aramco, the Saudi state energy giant, recently ran the biggest equity IPO ever, raising just under $30bn.

The amount required would also depend on how significantly Fannie and Freddie can build up capital themselves given the pandemic. Mr Calabria told the Financial Times earlier this year Fannie and Freddie could require an injection of capital just to survive the current crisis if the worst estimates over the number of people who would default on their mortgages came true.

The proportion of people asking for delays in repaying their home loans had reached 7 per cent at the end of April, Fannie Mae said this month, and officials said it appeared to be stabilising far below the 25 per cent some had feared in the initial stages of the pandemic.

The FHFA’s new capital rules — which will not be finalised for another three months, after a consultation period — set the $240bn minimum based on Fannie and Freddie’s current level of business. It includes a $90bn buffer and the pair would be allowed to run their capital down to $150bn in times of stress.

WSJ : Supreme Court Grants Trump Request to Block Disclosure of Mueller Material

Supreme Court Grants Trump Request to Block Disclosure of Mueller Materials
Ruling shields grand-jury materials while administration argues they should remain secret

WASHINGTON—The Supreme Court blocked Congress from receiving grand-jury materials from Robert Mueller’s investigation of Russia’s interference in the 2016 election.

The court, in a written order Wednesday, granted an emergency request by the Trump administration to keep the materials secret while it mounts a full high court appeal against their release.

The high court’s action increases the chances that the information will remain shielded through the 2020 election.

The Democratic-led House Judiciary Committee requested access to material that was redacted from the special counsel’s March 2019 report, as well as some of the exhibits and transcripts referenced in its pages. After the Justice Department declined to produce the information, the committee went to court seeking to compel its release, saying it needed the material to determine whether President Trump committed an impeachable offense in the course of the Mueller investigation.

The Supreme Court’s order for now blunts rulings by two lower courts that the material must be handed over. There is an exception to grand-jury secrecy for records needed in connection with a judicial proceeding; the lower courts said an impeachment probe qualifies for the exception.

The Mueller report found sweeping Russian interference in the 2016 campaign and contacts between Russia-linked entities and Trump campaign officials. It didn’t establish that anyone from the campaign conspired with Russia’s efforts.

Mr. Mueller declined to reach a conclusion on whether Mr. Trump unlawfully interfered with the investigation. Attorney General William Barr has said Mr. Trump’s actions didn’t amount to obstruction of justice, and the president has denied any wrongdoing.

In a brief filed with the Supreme Court, the Judiciary Committee said it needed the Mueller grand jury material for a continuing impeachment investigation into the president’s conduct in relation to the Russia probe. It told the court that it had procedures in place to protect the confidentiality of the material.

The Democratic-controlled House impeached Mr. Trump in December for his dealings with Ukraine, an issue that is separate from conduct investigated by the Mueller probe. The Republican-controlled Senate acquitted him in February.

The Justice Department argued that disclosure of the grand-jury materials would mean its secrecy would be irretrievably lost. For the grand-jury process to work, secrecy must be assured for witnesses to come forward and testify fully, the department said. It also said the committee hadn’t shown that the material was urgently needed “for a hypothetical second impeachment.”

The court’s action on the grand-jury materials isn’t a final ruling and came without full briefing or oral argument.

The case is separate from three other cases in which the justices are considering whether Mr. Trump’s bankers and accountants must turn over an array of his financial records to congressional investigators and New York prosecutors.

Rulings in those cases are expected this summer.

>>> US Close Dow +1.52% S&P +1.67% Nasdaq +2.08% Russell +3%

Closing Stock Market Summary

The S&P 500 gained 1.7% on Wednesday in a broad-based advance to close at its highest level since March 6. The Nasdaq Composite (+2.1%) and Russell 2000 (+3.0%) increased more than the benchmark index, while the Dow Jones Industrial Average rose 1.5%. 

Stocks reclaimed the prior day's losses at the open and proceeded to drift higher throughout the day. The market remained resilient with little news to meaningfully deter its bullish mindset or economic recovery hopes. All 11 S&P 500 sectors contributed to the advance. 

The energy sector (+3.8%) followed oil prices ($33.51, +1.21, +3.8%) higher after EIA data showed an unexpected weekly decline in crude inventories. The financials (+2.2%) and communication services (+2.7%) sectors followed suit, with the latter benefiting from a 6.0% gain in shares of Facebook (FB 229.97, +13.09). The health care sector (+0.1%) eked out a small gain.   

In Washington, the Senate passed the Holding Foreign Companies Accountable Act, which requires certain foreign companies listed in the U.S. to certify that they are not owned or controlled by a foreign government. Failure to provide appropriate certification could result in de-listing.

The increased scrutiny on Chinese companies pressured shares of Alibaba (BABA 216.79, -0.41, -0.2%) and Baidu (BIDU 108.52, -1.23, -1.1%), while the broader U.S. market was barely bothered by the bill's potential to worsen U.S.-China tensions. 

Shares of Target (TGT 119.63, -3.53, -2.9%) and Lowe's (LOW 116.99, +0.12, +0.1%) struggled throughout the session despite beating top and bottom-line estimates. TGT shares fell 3%, while LOW shares squandered an early 5% gain. Analog Devices (ADI 114.57, +8.24, +7.8%) was an earnings standout. 

Separately, the FOMC Minutes from the April meeting revealed that policymakers discussed targeting yields on shorter tenors and considered changes to how forward guidance is expressed. The 2-yr yield declined two basis points to 0.16%, and the 10-yr yield declined three basis points to 0.68%. The U.S. Dollar Index declined 0.2% to 99.14. 

Wednesday's economic data was limited to the weekly MBA Mortgage Applications Index, which decreased 2.6% following a 0.3% increase in the prior week.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report, Existing Home Sales for April, the Philadelphia Fed Index for May, and the Conference Board's Leading Economic Index for April on Thursday. 

  • Nasdaq Composite +4.5% YTD
  • S&P 500 -8.0% YTD
  • Dow Jones Industrial Average -13.9% YTD
  • Russell 2000 -19.3% YTD

>>> FOMC Minutes: Key Highlights

FOMC Minutes: Key Highlights

  • Participants relayed information from their Districts that the burdens of the present crisis would fall disproportionately on the most vulnerable and financially constrained households in the economy. Participants agreed that recently enacted fiscal programs were delivering valuable direct financial aid to households, businesses, and communities that would provide some relief during the economic shutdown."
  • "In their consideration of monetary policy at this meeting, participants noted that the Federal Reserve was committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
  • In light of their assessment that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and posed considerable risks to the economic outlook over the medium term, all participants judged that it would be appropriate to maintain the target range for the federal funds rate at 0 to ¼ percent."
  • "Some participants commented that the Committee could make its forward guidance for the path for the federal funds rate more explicit. For example, the Committee could adopt outcome-based forward guidance that would specify macroeconomic outcomes—such as a certain level of the unemployment rate or of the inflation rate—that must be achieved before the Committee would consider raising the target range for the federal funds rate.
  • A few participants also noted that the balance sheet could be used to reinforce the Committee's forward guidance regarding the path of the federal funds rate through Federal Reserve purchases of Treasury securities on a scale necessary to keep Treasury yields at shortto medium-term maturities capped at specified levels for a period of time."

(Oscar Gruss) FSCT – Advent – OG Risk Arb comments on the decision by FSCT to in



FSCT – Advent – OG Risk Arb comments on the decision by FSCT to initiate litigation today

 

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