The Coronavirus Task Force is holding a press conference on the latest developments with the virus and how the Trump Administration is meeting the new challenges.
The Federal Reserve says it will buy short-term loans from banks and companies to support the flow of credit as the economy grinds to a halt amid the viral outbreak.
The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.”
Large businesses issue commercial paper to raise cash to meet payrolls and cover other short-term costs.
The Kentucky Derby was postponed until September on Tuesday, the latest rite of spring in sports to be struck by the new coronavirus along with the Masters, March Madness and baseball season.
The Derby, America’s longest continuously held sports event, had been scheduled for May 2. It will now be run Sept. 5, kicking off Labor Day weekend.
“We’ll roll with the punches, and feel very, very good that September is the right date,” Bill Carstanjen, CEO of Churchill Downs Inc., said on a conference call.
It’s the first time the Derby won’t be held on its traditional first Saturday in May since 1945, when it was run June 9. The federal government suspended horse racing nationwide for most of the first half of the year before World War II ended in early May, but not in time to hold the first leg of the Triple Crown that month.
The date change still must be approved by the Kentucky Horse Racing Commission at its meeting Thursday. Still to be decided are the dates of the next two legs of horse racing’s showcase series – the Preakness and Belmont.
Carstanjen said the September date was chosen after talks with NBC Sports, which televises the Triple Crown races, based on the limited number of sports events that weekend and hotel availability in Louisville.
Churchill Downs clearly wasn’t interested in running the 146th Derby without fans in the stands, which is what other tracks have been doing, including Santa Anita in California, Oaklawn in Arkansas and the Fair Grounds in Louisiana.