Coronavirus update: Fed's Powell warns of 'lasting damage' as Congress debates new big bang stimulus

Summary: Congress on Wednesday began a debate over a new round of coronavirus-fighting economic stimulus, as those infected closed in on 4.3 million worldwide, which prompted investors to rethink the wisdom of extending a recent rally. The COVID-19 crisis, which has claimed over 293,000 lives worldwide, has brought the world’s largest economy to a standstill as officials weigh strategies to relax stay-at-home orders. In the U.S., cases continue to rise at a markedly slower clip, but are nearing 1.