Jay Powell calls for more fiscal stimulus, BMW’s dividend plan, CLO vulnerability

Federal Reserve chair Jay Powell said on Wednesday that additional fiscal stimulus may be “worth it” to shield the US economy from long-term economic damage due to the pandemic, meanwhile, OECD secretary-general Angel Gurría warned that rising debt levels would “come back to haunt us”. Plus, BMW is facing criticism for plans to make a dividend payout to shareholders despite requesting subsidies from the German government. Then, collateralised loan obligations, or CLOs, have boomed over the past decade. The FT’s capital markets correspondent, Rob Smith, explains why they could be vulnerable during the recession.    To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/newsbriefingcovid.   You can watch the full Angel Gurría interview from The FT’s Global Boardroom event here.  

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