The U.S. needs more fiscal help to fight coronavirus, Fed officials say


(Reuters) – U.S. businesses and households are going to need more fiscal support to get through what will likely be a longer period of recovery from the coronavirus shutdown than initially expected, Federal Reserve policymakers said on Tuesday.

FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease (COVID-19) outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque

Unemployment will get worse around the country and the economic recovery will be uneven, they said.

U.S. unemployment is likely to peak at 20% or higher, and then to fall only to between 8% and 10%

Read More

Coronavirus crisis leads to largest U.S. consumer price decline since 2008


WASHINGTON (Reuters) – U.S. consumer prices dropped by the most since the Great Recession in April, weighed down by a plunge in demand for gasoline and services including airline travel as Americans stayed home during the coronavirus crisis.

The report from the Labor Department on Tuesday also showed a record decrease in underlying prices last month, raising the specter of a bout of deflation as the economy sinks deeper into a recession triggered by lockdowns to slow the spread of COVID-19, the respiratory illness caused by the coronavirus.

The government reported last Friday that the economy lost 20.5 million jobs

Read More

Adaptive Biotechnologies, Facebook, Tesla and more


Chad Robins, CEO of Adaptive Biotechnologies.

Anjali Sundaram | CNBC

Check out the companies making headlines after the bell.

Adaptive Biotechnologies – The biotechnology company’s stock fell 5% in extended trading after Adaptive gave its first-quarter financial results. The company reported a loss of 25 cents per share on revenue of $20.9 million, while analysts polled by Refinitiv expected a loss of 20 cents per share with revenue of $21.5 million.

Facebook – The social media giant’s stock dipped 1% after the closing bell. Law firm Burns Charest announced Tuesday that it was seeking approval of a $52 million class-action

Read More

U.S. federal court tells SEC, Justice Dept to review RBS whistleblower case


WASHINGTON/LONDON (Reuters) – The U.S. Justice Department and Securities and Exchange Commission must review whether an ex-Royal Bank of Scotland employee is owed a whistleblower payout and provide documents relating to his case, a federal U.S. court said on Tuesday.

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst

The U.S. Second Circuit Appeals Court decision could set an important precedent for other whistleblowers who say they have been unjustly denied bounties under the SEC’s program to reward tipsters.

    Former RBS risk manager Victor Hong

Read More