# COVID-19 crushes U.S. economy in second quarter; rising virus cases loom over recovery

> US GDP contracted sharply in the second quarter as COVID-19 cases rose. Fed Chair Powell acknowledged the slowdown, and the central bank kept rates near zero while pledging to keep money flowing into the economy.

- Date: 2020-07-30 · published 2020-07-30T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/52300-covid-19-crushes-u-s-economy-in-second-quarter-rising-virus-cases-loom-over
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weak US economy lowers energy and industrial demand and can soften the dollar, with mixed effects on feed prices; the Fed's accommodative stance is the key macro backdrop.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-05-13 | [Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart](https://feedsoft.ai/events/47245-oil-drops-3-on-india-s-covid-19-crisis-u-s-pipeline-restart.md) | -4.1% | +6.6% |
| WTI | 2020-10-26 | [Stock markets slide as Covid-19 cases rise](https://feedsoft.ai/events/8190-stock-markets-slide-as-covid-19-cases-rise.md) | -10.3% | +5.7% |
| WTI | 2020-06-11 | [Oil drops more than 8% as fears over second wave of coronavirus cases hit the market](https://feedsoft.ai/events/52783-oil-drops-more-than-8-as-fears-over-second-wave-of-coronavirus-cases-hit-the.md) | -4.1% | +0.2% |
| WTI | 2020-01-30 | [U.S. economy misses Trump's 3% growth target in 2019](https://feedsoft.ai/events/54993-u-s-economy-misses-trump-s-3-growth-target-in-2019.md) | -4.6% | -11.6% |
| WTI | 2021-08-19 | [Uptick in COVID Cases & Strengthening Dollar Push Prices Down](https://feedsoft.ai/events/11405-uptick-in-covid-cases-and-strengthening-dollar-push-prices-down.md) | +4.7% | +11.1% |
| DXY | 2020-05-26 | [Euro’s Comeback Rests on EU Leaders Agreeing on a Recovery Fund By Bloomberg](https://feedsoft.ai/events/53354-euro-s-comeback-rests-on-eu-leaders-agreeing-on-a-recovery-fund-by-bloomberg.md) | -1.7% | -2.1% |
| DXY | 2020-07-29 | [Fed faces viral wave, mounting risks to recovery](https://feedsoft.ai/events/52030-fed-faces-viral-wave-mounting-risks-to-recovery.md) | +0.4% | -0.4% |
| DXY | 2023-03-31 | [Oil Rises On Cooling US Inflation, Lower Global Supplies](https://feedsoft.ai/events/37043-oil-rises-on-cooling-us-inflation-lower-global-supplies.md) | -0.1% | +0.0% |

## Sources

- reuters.com: https://www.reuters.com/article/business/covid-19-crushes-us-economy-in-second-quarter-rising-virus-cases-loom-over-re-idUSKCN24V0FN/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.