Today’s Top Stories: May 12, 2020

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The Lede

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health, is testifying before Congress today about the Trump administration’s response to the COVID-19 pandemic.

Watch live: Dr. Anthony Fauci, others testify about federal COVID-19 response

Expect his firing later this week, via tweet, of course.

Coronavirus update:

4,201,921 confirmed infections, up from 4,132,365 yesterday.
286,835 confirmed deaths, up from 283,387 yesterday.

US stats:

  • 1,347,936 confirmed infections, up from 1,329,885 yesterday.
  • 80,684 confirmed deaths, up from 79,531 yesterday.
May 12, 2020 COVID-19 pandemic map
Source

Relevant COVID-19 stories:

Politics:

If Barack Obama was the president of the United States, this would not have happened.

Former GOP strategist Steve Schmidt on Monday rebuked President Donald Trump’s fumbling response to the coronavirus pandemic, suggesting the United States would not be facing “catastrophe” if former President Barack Obama were still in office.

Relevant Politics stories:

Economy Update:

U.S. Core Consumer-Price Index Fell by Most on Record in April

A key measure of U.S. consumer prices declined in April by the most on record as travel and apparel spending collapsed during the coronavirus pandemic.

The core consumer-price index, which excludes volatile food and fuel costs, fell 0.4% from the prior month after a 0.1% decrease in March, Labor Department figures showed Tuesday. That’s the biggest drop in data back to 1957. Compared with April of last year, the core CPI rose 1.4%, the smallest annual gain since 2011.

CPI fell 0.8 percent. This includes food and fuel costs. We KNOW food prices didn’t drop (due to hoarding and shortages), so most of that came from falling oil and gas prices, as OPEC members were in a price war AND demand fell because nobody was driving to work and industry shut down, for the most part.

The Dow is flat at 24k.

May 12, 2020 DJIA stock chart
Source

Upcoming economic reports this week:

  • Tuesday – Consumer Price Index (CPI) down 0.8 percent (deflation), Federal budget figures coming out.
  • Wednesday – PPI, Powell talks
  • Thursday – Jobless claims
  • Friday – Retail sales, Consumer Sentiment Index, Business Inventories

Source: https://www.marketwatch.com/tools/calendars/economic

Relevant Economy stories:

Learn how to turn your hobbies into hustles – check out Gig Economics.

Offbeat Story of the Day:

Punks Popped For Pandemic Video Pranks | The Smoking Gun

MAY 11–Two Florida teenagers busted for “running around Walmart coughing” and spraying workers and customers with Febreze told cops they were “just trying to be funny and make their videos for YouTube.

“Kids will be kids?” I have to admit, that’s kinda funny. But still in very bad taste, especially in light of the severity of the situation we face and the terror it brings.

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