In this week’s update on COVID-19 and Economic Diplomacy: Unemployment decreased again, but doesn't yet capture renewed shutdowns across the U.S. The Federal Reserve considers forward guidance and yield curve control. Germany makes a concession on the European recovery fund.

In this week’s update on COVID-19 and Economic Diplomacy: Multilateralism is in short supply in the world's response to COVID-19, compared to the financial crisis. The Federal Reserve, the world's reluctant central bank. Europe asks how to pay for its stimulus measures. The IMF revises down its forecast for global growth.

In this week’s update on Covid-19 and Economic Diplomacy: The Trump administration considers infrastructure spending, and the Federal Reserve starts buying corporate bonds. Negotiations on the European recovery fund continue. Concern about challenges facing emerging markets continue to grow.

In this week’s update on Covid-19 and Economic Diplomacy: Unemployment numbers were surprisingly positive, and the Federal Reserve continues its accommodative stance in response to the crisis. Germany unveils a fiscal stimulus to start the recovery with “a boom.” Challenges for emerging markets are growing, but turmoil in lending markets has abated for some countries.

The Economic Diplomacy Initiative is launching a weekly tracker featuring major developments in the global economic response to the COVID-19 crisis. This week: The U.S. withdraws from the WHO. What’s next for asset purchases at the world’s central banks? European fiscal policy emerges. And poverty and hunger crises join financial turbulence on the list of emerging market risks.

The Fed’s response is directed toward achieving three goals: preventing financial markets from breaking down and magnifying the crisis; supporting domestic businesses through economic turbulence which could result in wide-spread bankruptcies; and ensuring that foreign central banks in major economies have access to dollar liquidity.

The nine issue papers contained in this report were proposed and written by graduate students at the Belfer Center for Science and International Affairs at Harvard Kennedy School. They present fact-based, nonpartisan analysis to help focus the next Administration on the key policy debates that must be resolved. And, they aim to create a platform for our students to engage with the most pressing policy issues of the day as they continue their careers in public service.