Economy

In updating its projections for growth and unemployment on Wednesday, the Federal Reserve poured cold water on the notion that last week's surprise jobs…

Covid-19 will increase consolidation of resources with large global businesses, especially in tech and retail sectors.

Forecasts had called for a decline of 7.5 million in payrolls and a jump in the unemployment rate to 19%.

But stocks, unlike Treasuries, are trading as if it won't, according to the economist and investment adviser.

JPMorgan's Dimon said "you could see a fairly rapid recovery" but cautioned that the Fed "can't prop up the stock market forever."

The Federal Reserve's Beige Book shows 38 million job losses in two months and an annualized 4.8% GDP decline Q1, with the prospect of a much steeper drop this quarter.