Rounding up top reads from around the web, including articles shared by fellow investors in the Financial Horse Facebook Group.

US stocks end lower after Fed chair’s gloomy prognosis (FT)

US stocks slipped on Wednesday after the chair of the Federal Reserve warned that the coronavirus pandemic risked causing long-term damage to the economy. The US may need to deploy “additional policy measures” to avoid an “extended period of low productivity growth and stagnant incomes”, Jay Powell said. “The recovery may take some time to gather momentum.”

Repeat After Me: The Markets Are Not the Economy (NY Times)

Conventional wisdom would explain the market’s comparatively modest losses this way: Since markets tend to be forward-looking, investors have already accounted for what’s expected to be a cataclysmic drop in second-quarter activity and are forecasting a relatively rapid economic recovery afterward. The Federal Reserve’s actions have also bolstered investors’ confidence that the bottom won’t fall out of