April 13 coronavirus news

The New York Federal Reserve is scaling back its emergency intervention into jittery financial markets.

The NY Fed said Monday it will reduce the frequency of its repo operations "in light of more stable" market conditions.

The Fed began pumping in vast amounts of money into the overnight lending markets last fall as borrowing rates spiked.

That rescue was accelerated last month as chaos erupted on Wall Street. The NY Fed offered to pump in up to $500 billion in the morning and another $500 billion in the afternoon.

But starting May 4, the NY Fed said it "intends" to scrap that afternoon repo operation, leaving just the morning one.

Likewise, the NY Fed said it will reduce the frequency of three-month repo operations to once every two weeks instead of once a week.

Of course, this plan could change should market conditions deteriorate again.

The NY Fed promised to adjust repo operations "as appropriate" to "support the smooth functioning" of funding markets.

The Treasury Department said Monday that 80 million people will receive their stimulus payments via direct deposit this week.

The payments are being made first to eligible people who have already filed their 2019 or 2018 tax returns, and authorized a direct deposit.

Other people — including those who haven't filed returns, authorized direct deposits, or receive Social Security – will have to wait longer for their payments. 

Treasury said Monday that it expects a “large majority of eligible Americans” will receive their payments within the next two weeks.

The timeline keeps the first payments on the schedule promised by Treasury Secretary Steven Mnuchin, who said April 2 that the payments would begin going out within two weeks. He had earlier pushed for distributions, part of the $2.2 trillion economic relief package passed by Congress in March, to start as early as April 6.

For those low-income people who are not normally required to file their returns, the Treasury has set up a new online tool to make it easier for them to input basic information in order to receive their payment. 

Treasury is also expected to roll out a separate tool this week that will allow people who have filed their returns, but not authorized a direct deposit, to upload their bank account information so that they can receive their payment faster than waiting for a paper check to be mailed. 

With the sports world on hold because of the coronavirus pandemic, ESPN is asking its commentators to take a pay cut.

The move would affect 100 of the network's highest-paid commentators, and would be a 15% cut over the next three months.

ESPN did not say how many commentators have agreed to the reduction in pay. The pay cut follows executives at the network having their pay reduced by 20% to 30% depending on title.

These measures are designed to ward off further furloughs at the network.

Executives at ESPN's parent company, Disney, have also taken pay cuts with the company's executive chairman, Bob Iger, forgoing all of his salary. Disney announced earlier this month that it would furlough employees "whose jobs aren't necessary at this time."

The coronavirus outbreak has hit ESPN particularly hard since the virus has forced major sports the lifeblood of the network's programming to shut down.

The NBA suspended its season, the NCAA canceled the men and women's college basketball tournament better known as March Madness and Major League Baseball delayed Opening Day.

ESPN has scrambled to fill its air without sports in the meantime. 

California, Washington and Oregon are joining forces in a plan to slowly lift stay-at-home orders.

Governors in the three states will join forces on their approach to getting back to business “in a safe, strategic, responsible way,” California’s Gov. Gavin Newsom announced.

Newsom said he would unveil California’s plan tomorrow.

US stocks ended mixed on Monday as investors gear up for the start of earnings season this week.

The coronavirus pandemic is expected to show up in companies’ first-quarter report cards, even though the virus didn’t shut down the US economy until mid-March.

 Here's where things ended today:

Remember: As stocks settle after the trading day, levels might still change slightly.

Some law school graduate students in New Jersey will be able to temporarily practice law under the supervision of experienced attorneys.

The state's bar exam has been rescheduled for September because of the coronavirus pandemic, Chief Justice Stuart Rabner announced today.

The exam is now scheduled for September 9 and 10, but that date remains tentative, subject to public health conditions later this year. The test will be offered at multiple sites, in keeping with the Judiciary’s ordinary administration of the exam.

Under these relaxed rules, graduates will be able to enter appearances, draft legal documents and pleadings, provide legal services to clients and engage in negotiations and settlements discussions.

The temporary ability to practice law will lapse if the graduate does not sit for the reschedule exam in September or apply for an extension.

Candidates should go to the New Jersey Board of Bar Examiners’ website for further information regarding their applications and the upcoming exam.

At least 6,380 uniformed members of the New York Police Department are out sick — or 17.7% of the department, according to a law enforcement official.

The number has been slowly going down for three days now.

A total of 936 members who have been positive for coronavirus have been cleared and have returned to work. 

Kansas has seen more than 130,000 unemployment claims within the last three weeks, Kansas Gov. Laura Kelly said at a briefing Monday.

"Last week, we had 50,000 people file initial claims, the week before, we had over 55,000 initial claims," Kelly said. "Over the year, initial claims are up by 3,400%."

The increase in claims, she said, " has caused strain on our system."

"We will continue to build capacity for those seeking to make unemployment claims and we will look to finally address those information technology challenges once and for all," Kelly said.

Some background: About 16.8 million American workers, making up about 11% of the US labor force, have filed initial claims for jobless benefits in just the prior three weeks alone.

Ford announced that production of a new type of pressurized respirator face mask for health care workers will begin on Tuesday.

The mask, called a Powered Air-Purifying Respirator, or PAPR, is being developed in partnership with 3M. 

A PAPR is a clear mask that fits over the entire face. Air is drawn in through a tube connected to a pump that filters contaminants from the air. 

In late March, Ford and 3M announced they were working on a new mask using parts from both companies' products. For example, the new mask uses a type of fan usually used in ventilated car seats. 

About 90 paid volunteers, members of the United Auto Workers union, will assemble the masks at Ford's Vreeland facility near Flat Rock, Michigan. The factory will be able to make 100,000 or more masks, according to Ford. The company did not disclose when that number of masks would be available, however.

Ford said it is also working with automotive airbag supplier, Joyson Safety Systems, to produce reusable gowns for health care workers. The gowns will be made from material usually used to make airbags. 

Ford expects to make 75,000 gowns a week by Sunday and scale up to 100,000 gowns for the week of April 19 and beyond.