Senate to Try Again to Get CARES-2 Package Approved

Posted on 04/12/2020 2:42 PM

USDA's Perdue expected to send Covid-19 aid package to OMB this week

 


Highlights


 

Developments regarding the Covid-19 pandemic continue to overwhelm all other topics.

     Senate lawmakers this week will try again
to reach a consensus regarding conflicting initiatives relative to the next rescue package that some dub CARES-2 while others call it Phase 3+.

     Action on an ag/farmer aid proposal relative to Covid-19 could occur this week. President Donald Trump several times in recent days has indicated some $16 billion of Covid-19 farmer aid would be announced soon, but there is also funding available via the Section 32 program and other revenue sources, including language in previous Covid-19 aid legislation that allows the USDA secretary to tap the U.S. Treasury if it is deemed there could be a food shortage. Sources say USDA Secretary Sonny Perdue will likely send a proposal to the Office of Management and Budget (OMB), and likely others, sometime this week, with some sources pinpointing a Wednesday dateline of April 15. It is unclear how long it will take OMB and others to sign off on the coming USDA proposal, but a fast turnaround is possible. That is why an official announcement of the package could be late this week at the earliest, or the week of April 20. Link to Pro Farmer special report on this topic filed Saturday, April 11.

 


Events of note this week include:


 

Agriculture and Food

     — Monday: Food supply. Heritage Foundation webinar on "The Food Supply During the Pandemic: Facts From the Front Lines."

 

Broadband

 

     — Wednesday: Broadband connectivity. National Telecommunications and Information Administration holds the "Practical Broadband Conversations" series of webinars on a monthly basis to engage the public and stakeholders with information to accelerate broadband connectivity, improve digital inclusion, strengthen policies and support local priorities.

     — Thursday: 5G. Woodrow Wilson Center (WWC) conference call briefing on "5G: Conflicts, Concerns, Collaboration."

 

Covid-19

     — Monday: Covid-19 and Africa. Center for Strategic and International Studies (CSIS) webcast on "Unpacking the COVID-19 Crisis in Africa."

     — Monday: CARES Act. Urban Institute and the Urban-Brookings Tax Policy Center webinar on "The CARES Act: Tax Policy During a Pandemic."

     — Monday: Iran. Washington Institute for Near East Policy (WINEP) webcast on "Iran's Coronavirus Crisis: Implications for US Policy."

     — Monday: Ohio Governor DeWine. Washington Post Live discussion with Gov. Mike DeWine (R-Ohio) as part of the "Coronavirus: Leadership During Crisis" series.

     — Tuesday: Asia/China & Covid-19. Asia Society Washington Center discussion via webcast on "Global: China, Asia and the World."

     — Tuesday: Covid-19 medical supplies. Export-Import Bank holds a meeting by teleconference of the Board of Directors to address COVID-19 (coronavirus) temporary action to address urgent US under-supply of medical supplies.

     — Tuesday: Covid-19 & Asia. Johns Hopkins University Paul H Nitze School of Advanced International Studies (SAIS) webcast on "The Impact of the Coronavirus on Asian Countries."

     — Tuesday: Covid-19 & taxes. American Bar Association (ABA) discussion via webinar on "Tax Implications of COVID-19: 2020 Tax Filing, Payment and Refund Deadlines."

     — Tuesday: Small business lending. Brookings Institution holds a webinar on Government Lending to Small Businesses During COVID-19: Why? How? And Will it Work?"

     — Tuesday: Covid-19 relief for Africa. Export-Import Bank joint meeting by teleconference of the Advisory Committee and Sub-Saharan Africa Advisory Committee to discuss EXIM's Covid-19 (coronavirus) temporary relief measures and other matters.

     — Tuesday: Covid-19 & Canadian border. Woodrow Wilson Center's (WWC) Canada Institute holds a webcast on "COVID-19 and the Northern Border."

     — Wednesday: Covid-19 & China. Johns Hopkins University Paul H Nitze School of Advanced International Studies (SAIS) webcast on "Globalization, Climate Change, and Cleantech Supply Chains in the Age of Covid-19," focusing on China.

     — Wednesday: Europe response to Covid-19. German Marshall Fund of the United States (GMFUS) discussion via webinar on "Europe's Response to the Coronavirus: Virtual Update from Sweden's Chief Epidemiologist."

     — Wednesday: Trade & pandemics. Cato Institute holds a webcast on "Trade in a Pandemic: Traditional issues, New Concerns, and Optimal Policy Responses."

     — Wednesday: Covid-19 & the China threat. Institute of World Politics (IWP) holds a discussion via webinar on "The Virus and the China Threat."

     — Thursday: Covid-19 & Asia. Asia Society Washington Center discussion via webcast on "Coronavirus: Consequences for South Asia."

     — Thursday: Utilities & pandemics. United States Energy Association (USEA) webinar on "Asia, Africa, Latin America and the Caribbean: Utility Emergency Preparedness - Mitigating the Impacts of a Global Pandemic."

     — Thursday: Covid-19 & investing. National Institute on Retirement Security, and Northern Trust webcast on "The Implications of the Coronavirus on Portfolios."
     — Friday: Global food & COVID-19. Center for Strategic and International Studies (CSIS) webcast on "Are We Heading Toward Another Global Food Price Crisis?" focusing on Covid-19 implications for global food security and agricultural trade.

     — Friday: Covid-19 & digital imaging. Centers For Disease Control and Prevention meeting of the Clinical Laboratory Improvement Advisory Committee, April 16-17, including an update on laboratory response to the Covid-19 coronavirus disease outbreak and technological advances in digital imaging.

     — Friday: CARES Act & taxes. American Bar Association (ABA) holds a discussion via webinar on "Covid-19 and Tax Relief for Individuals and Tax-Exempts Under the CARES (Coronavirus Aid, Relief, and Economic Security) Act."

 

Economy

 

     — Tuesday: IMF/World Bank. International Monetary Fund (IMF) and the World Bank Group hold their 2020 Spring Meeting via webcast April 14-16, with a briefing April 14 with IMF Chief Economist Gita Gopinath; Gian Maria Milesi-Ferretti, deputy director of the IMF's Research Department; and Malhar Shyam Nabar, division chief of the IMF's Research Department on the World Economic Outlook.

     — Wednesday: Economic restart. Center for Strategic and International Studies (CSIS) webcast on "Restarting the Economic Engine - A Multi-Sector Guide to Policies and Practices."

     — Thursday: Global economy. The International Monetary Fund (IMF) and the World Bank Group 2020 Spring Meeting via webcast including a news conference by International Monetary and Financial Committee

 

Energy & Environment

 

     — Monday: Oil market. Atlantic Council discussion via webinar on "Oil market mayhem redux: The market and geopolitical implications of the OPEC+ and G20 negotiations."

     — Monday: Ocean levels. Environmental and Energy Study Institute (EESI) webcast on "Localizing Sea Level Rise Projections for Decision-Makers," as part of Climate Adaptation Data Week.
     — Thursday: Paris climate accord & agriculture. World Resources Institute (WRI) discussion via webinar on "The goals of the Paris Agreement cannot be met without transformative changes in the agriculture sector."

     — Thursday: Climate activism. Aspen Institute holds a webcast on "Climate Activism in the Age of Covid-19."

     — Thursday: Post Covid-19. Asia Society webcast on "The Economic and Financial Impacts of Coronavirus: How Do We Get Back to Normal?"

 

Foreign Policy

 

     — Monday: North Korea. Woodrow Wilson Center (WWC) conference call briefing "What's Happening Inside North Korea," focusing on "the impact of COVID-19 on North Korea's economy, its people and nuclear negotiations with the United States."

     — Wednesday: Venezuela actions. Heritage Foundation webinar on "Examining the Trump Administration's Recent Actions on Venezuela."

     — Thursday: U.S./China frictions. Center for Strategic and International Studies (CSIS) holds a webcast on "Implications of Growing U.S./China Friction: Perspectives from East Asia."

 

Health Care

 

     — Thursday: Health supplies exports. Washington International Trade Association (WITA) webinar on "Export Restraints and Health Care Supply Chains."

 

Politics

 

     — Tuesday: Trump campaign. Donald J. Trump for President Campaign webcast of a "Team Trump Online!" Q&A with Donald Trump Jr. and Kimberly Guilfoyle, national chair of the "Trump Victory Finance Committee" and senior adviser for the Trump 2020 Campaign.

     — Thursday: Korean elections. Korea Economic Institute of America (KEI) discussion via webinar on "The Implications of South Korea's National Assembly Elections."

Regulations

 

     — Monday: FCC. Hudson Institute discussion via webcast on "The Future of FCC (Federal Communications Commission) Spectrum Regulation."

     — Tuesday: CFTC. Commodity Futures Trading Commission (CFTC) meeting by teleconference to discuss proposed rules on bankruptcy, amendments to the Part 50 Clearing Requirements for Central Banks, amendments to Compliance Requirements for Commodity Pool Operators and more.

 

States & Recession

 

     — Tuesday: States & recession. Center on Budget and Policy Priorities (CBPP) on-the-record media conference call briefing on "States Need Significantly More Relief to Face Emerging Recession," examining the budget crisis facing state, local and tribal government.

 


Economic reports for the week include:


 

Tuesday:
     — International Monetary Fund releases its April 2020 World Economic Outlook. The IMF’s previous update in January forecasted global gross-domestic-product growth of 3.3% and 3.4% in 2020 and 2021, respectively.
     — March Import and Export Prices.

Wednesday:
     — Census Bureau reports Retail Sales data for March. Economists forecast a 6.4%     decline, after a 0.5% dip in February. Excluding autos, retail sales are expected to plummet 5%, compared with February’s 0.4% drop. A 4% monthly fall or greater in retail sales would be the steeper than any during the depths of the Great Recession.
     — National Association of Home Builders releases its Housing Market Index for April. Consensus estimates are for a 52.5 reading, down from 72 in March. A 52.5 reading would be the lowest for the index since 2015.
     — Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for April. Expectations are for a minus 32 reading, below March’s minus 21.5 figure.
     — March Industrial Production.
     — February Business Inventories.
     — April Atlanta Fed Business Inflation Expectations.

Thursday:
     — Census Bureau reports new residential construction data for March. Economists forecast a seasonally adjusted annual rate of 1.3 million housing starts, a significant decline from February’s rate of 1.6 million. Expectations are for 1.34 million new building permits, below February’s 1.45 million.
     — Department of Labor reports initial jobless claims for the week ending on April 11. Over the past three weeks, an unprecedented 16.7 million people have filed unemployment claims.
     — April Philadelphia Fed Business Outlook Survey
     — Fed Balance Sheet
     — Money Supply

Friday:
     — Conference Board releases its Leading Economic Index for March. Consensus estimates are for a 6.2% decline to 105.1 from February’s 112.1 reading. The largest monthly decline for the index was 3.4% in October 2008, during the height of the financial crisis.

 


Key USDA & international ag and energy-related reports and events:


 

Monday, April 13
 

     Ag reports and events:

  • Export Inspections
  • Crop Progress
  • Cotton and Wool Outlook
  • Oil Crops Outlook
  • Dairy Monthly Tables
  • Feed Outlook
  • Rice Outlook
  • Wheat Outlook
  • Crop Production Historical Track Records
  • EU weekly grain, oilseed import and export data

     Energy reports and events:

  • EIA monthly Drilling Productivity Report

Tuesday, April 14
 

     Ag reports and events:

  • Feed Grains: Yearbook Tables
  • China soybean import data
  • Vietnam trade data for rice, rubber and coffee
  • HOLIDAY: India, Bangladesh

     Energy reports and events:

  • API weekly U.S. oil inventory report

Wednesday, April 15
 

     Ag reports and events:

  • Broiler Hatchery
  • Fruit and Tree Nut Data
  • Vegetables and Pulses Data
  • Livestock, Dairy, and Poultry Outlook
  • Sugar and Sweeteners Outlook
  • Turkey Hatchery
  • Palm oil export data for April 1-15
  • FranceAgriMer monthly cereals balance sheet
  • Malaysia CPO export tax
  • India monsoon forecast (tentative)

     Energy reports and events:

  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories
  • IEA monthly Oil Market Report
  • Genscape weekly ARA crude inventory report

Thursday, April 16
 

     Ag reports and events:

  • Weekly Export Sales
  • Port of Rouen data on French grain exports
  • Buenos Aires Grain Exchange weekly crop report

     Energy reports and events:

  • EIA natural gas storage change
  • OPEC Monthly Oil Market Report

Friday, April 17
 

     Ag reports and events:

  • CFTC weekly commitments of traders report
  • Peanut Prices
  • Vegetable and Pulses Outlook
  • Potato Stocks
  • FranceAgriMer weekly update on crop conditions

     Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts
  • China March output data, including crude oil & refining

 

Add new comment