Virus Update: Global Cases Top 2 Million, Deaths Exceed 128,000

The transcript discusses the ongoing impact of COVID-19, focusing on restrictions in New York and Europe, and the economic repercussions in the US. It highlights the decline in industrial production and retail sales, as well as significant job losses, particularly in apparel and restaurants. The financial sector is also affected, with major banks setting aside reserves for potential loan losses, indicating concerns about a severe recession.

What actions are banks like Goldman Sachs and Bank of America taking in response to the economic situation?

What is the expected economic outlook as indicated by banks setting aside reserves for loan losses?