New deaths in Italy, the epicenter of the outbreak in Europe, slowed for a second day. An experimental coronavirus vaccine could be available to health-care workers as soon as late 2020 on an emergency basis.

New York City may lose as much as $6 billion in tax revenue over the next 15 months, the comptroller said.

Governors of Michigan, Massachusetts, West Virginia and Wisconsin implemented stay-at-home policies. The Federal Reserve announced a second wave of initiatives to support the U.S. economy after Democrats blocked the Senate from advancing a rescue plan.

Germany was ready to approve aid to hard-hit Italy, and Chancellor Angela Merkel’s first coronavirus test came back negative. Japanese Prime Minister Shinzo Abe said a postponement of the Olympics may be inevitable.

Key Developments:

Cases near 355,000 and 15,436 dead: Johns Hopkins tallyCrisis in aviation industry deepensCVS to hire 50,000 workers to meet demandCases in New Jersey rise almost 1,000 overnight to 2,844Fed’s Bullard says U.S. unemployment may hit 30% in 2Q

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IMF Predicts Recession (1:30 p.m. NY)

The International Monetary Fund said it expects a global recession this year that will be at least as bad as the downturn during the financial crisis more than a decade ago, followed by a recovery in 2021.