Even before the pandemic erupted, oil prices had been sinking
The issuance is part of nearly US$3T in borrowing this quarter
Production, new orders, hiring and export orders all fell
The March decline is the second-biggest decline on record
In March, sales were down more than 15%
Services continued to be the main driver of price gains
The economy was in strong shape before fears of the the coronavirus escalated
Incomes rose 0.6%, the biggest rise in nearly a year
Economists have been downgrading their forecasts for Q1
Judy Shelton has been a skeptic of the need for the Fed’s independence