Fed Renews Pledge, Tourism Threat, Euro Area GDP: Eco Day

Welcome to Thursday, Europe. Heres the latest news and analysis from Bloomberg Economics to help you start the day:

• The Federal Reserve left interest rates near zero and vowed to use all its tools to support the recovery from an economic downturn that Chair Jerome Powell called the most severe “in our lifetime”

• Virus upsurge is threatening South Europes nascent tourism revival

• Hang on to your seat, euro area GDP will get ugly, writes Bloomberg Economics Maeva Cousin

• Conditions for successfully implementing yield curve control are less favorable in the U.S., euro area and U.K. than they are in Japan, writes Bloomberg Economics Björn van Roye

• Another round of talks between the Trump administration and congressional Democrats on Wednesday brought them no closer to a compromise on a virus-relief plan

• Australia is lowballing the price estimate of its largest export -- a key ingredient in China‘s stimulus -- setting up a buffer for the economy and the government’s books as the Covid-19 crisis clouds the broader outlook

• Fiscal, education and health-care policies can do more than monetary policy to combat the higher unemployment rates experienced by Black Americans, Fed Chair Jerome Powell said. Meantime, a former senior Fed economist levied a broad critique of her profession, saying racism, sexism and elitism have led to bad policy advice

• Food insecurity for U.S. households reached its highest reported level since data tracking began in May, with almost 30 million Americans reporting that theyd not had enough to eat