COVID-19 Impact | Gridlock at sea, and chaos ashore, as pandemic snarls trade network
Peter S. Goodman, Alexandra Stevenson, Niraj Chokshi and Michael Corkery
Off the coast of Los Angeles, more than two dozen container ships filled with exercise bikes, electronics and other highly sought imports have been idling for as long as two weeks.
In Kansas City, farmers are struggling to ship soybeans to buyers in Asia. In China, furniture destined for North America piles up on factory floors.
Around the planet, the pandemic has disrupted trade to an extraordinary degree, driving up the cost of shipping goods and adding a fresh challenge to the global economic recovery. The virus has thrown off the choreography of moving cargo from one continent to another.
COVID-19 Impact | Gridlock at sea, and chaos ashore, as pandemic snarls trade network
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Amazon workers union drive reaches far beyond Alabama - The Business Journals
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Fed Signals Alertness to Spike in Bond Yields
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Lael Brainard, a Federal Reserve governor, made it clear that the Fed was watching developments in the government bond market.Credit.Ann Saphir/Reuters
Lael Brainard, one of the Federal Reserve’s Washington-based governors, on Tuesday offered the first major hint that a wild ride in bond markets over the past week may have raised alarms at the U.S. central bank.
“I am paying close attention to market developments some of those moves last week and the speed of those moves caught my eye,” Ms. Brainard said, speaking at a Council on Foreign Relations webcast. “I would be concerned if I saw disorderly conditions or persistent tightening in financial conditions that could slow progress toward our goal.”