by Steve Liesman - cnbc -- The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing program to shelter the economy from the effects of the virus. The new fed funds rate, used as a benchmark both for short-term lending for financial institutions and as a peg to many consumer rates, will now be targeted at 0% to 0.25% down from a previous target range of 1% to 1.25%. Facing highly disrupted financial markets, the Fed also slashed the rate of emergency lending at the discount window for banks by 125 basis points to 0.25%, and lengthened the term of loans to 90 days. Despite the aggressive move, the market’s initial response was negative. Dow futures pointed to a decline of some 1,000 points at the Wall Street open Monday morning. The discount window “plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy ... [and] supports the smooth flow of credit to households and businesses,” a separate Fed note said. The discount window is part of the Fed’s function as the “lender of last resort” to the banking industry. Institutions can use the window for liquidity needs, though some are reluctant to do as it can indicate they are experiencing financial issues and thus sends a bad message.

Global coordinated action

by naharnet --- The government on Sunday declared “general mobilization” over the coronavirus crisis and announced a two-week lockdown of the country. The lockdown measures include asking citizens to “stay home unless it is extremely necessary” and a two-week closure of public and private institutions as well as the airport and the land and sea ports of entry. The airport will be closed from Wednesday until March 29 to all flights except for cargo planes and passenger planes carrying UNIFIL members, diplomatic crews, staff of international organizations and employees of firms linked to oil and gas drilling in Block 4 of Lebanon’s Exclusive Economic Zone.

Lebanese citizens, foreign family members and holders of Lebanese residency permits will meanwhile be allowed to return to Lebanon from March 15 until March 18 on the condition that they test negative for coronavirus after taking PCR tests. “This decision does not apply to those coming from countries already under a travel ban: France, Egypt, Syria, Iraq, Germany, Spain, the UK, Italy, Iran, China (including Hong Kong, Macau and Taiwan), and South Korea,” the Cabinet said in a statement issued after an emergency meeting and recited by Information Minister Manal Abdul Samad. The closure of institutions, from March 15 until March 29, will meanwhile exclude public institutions that perform vital tasks and private firms related to “food security” and the medical sector as well as banks, money exchange shops and import and export companies. “We are in a health emergency and the government declares general mobilization until March 29,” Prime Minister Hassan Diab said after the cabinet session. “It is time for cooperation, mobilizing capabilities, volunteering and making initiatives to save others and the Lebanese,” he added.

BEIRUT (ChurchMilitant.com) - Jules Gomes -- A Maronite Catholic priest has taken to the skies with the Blessed Sacrament to "bless and protect" his homeland as the coronavirus spreads across Lebanon. With his monstrance, crucifix and and a statue of the Blessed Virgin Mary, Fr. Majdi Allawi Haqq Qurban hired a private plane and flew over Beirut and other parts of Lebanon last Saturday "pleading with the Lord to protect Lebanon" from the virus. The French and Arabic speaking priest, who spoke briefly to Church Militant from Armenia, said that the purpose of flying over Lebanon with the Real Presence of Jesus was to "bless the country, protect the homeland and heal those who have been infected by the virus."

The flight, led by Captain Khalil El-Khoury and student pilot Joseph El-Masry from the Beirut Wings flying school, took over two hours as Lebanon's Health Ministry reported that the number of confirmed coronavirus cases had risen to 77 with three fatalities. We fear the coronavirus but we are not afraid of God. This is a chance to repent.Tweet Explaining from the words of St. Paul how "nature itself was convulsing on creation" the priest warned: "This is a chance to repent and return to God ... It's time to wake up. It's time to amaze the Lord by our faith. It's time to ask God's mercy for all the humanity." In the video above, Fr. Allawi can be heard praying in Arabic: "We ask God to help us today and keep all sickness and epidemics away and to heal all those who are infected by the coronavirus and to bless the country and save it and most importantly to be with us." Catholics on social media responded ecstatically to the priest's demonstration of faith in the Blessed Sacrament. "We're going to bless all the atheists and there's nothing they can do about it," a Catholic ordinand tweeted. Thousands responded in Arabic with comments of praise and thanksgiving to Fr. Allawi's post on Facebook describing his flight with the Blessed Sacrament.

by NAJIA HOUSSARI -- Arabnews -- BEIRUT: Lebanese people experienced terror on Thursday night when a severe storm ravaged mountain and coastal regions, uprooted trees, caused floods and destroyed cars, refugee tents and public statues. Several flights were diverted to Larnaca and Antalya airports after strong winds made landings at Beirut Rafic Hariri International Airport impossible. The frightening weather conditions came on top of the novel coronavirus outbreak in the country.

Social media users described their experience as they stayed at home in line with the government’s directives aimed at limiting the spread of the virus. “Lebanon is flying” was the second most trending hashtag after “Stay home”. Users switched from mocking the situation to sensing its gravity. “Here comes nature’s wrath after the unemployment, dollar, Eurobonds, banks and imported coronavirus crises. The night of strong easterly winds uprooted trees, damaged buildings and affected people. Disasters, disasters and the greatest disaster of all is the dark horizons. May God protect what is left of Lebanon,” tweeted former minister, Akram Chehayeb. The number of confirmed coronavirus cases in the country has exceeded 80, and includes an employee of the Ministry of Health. “The infected employee works in the Ministry’s central administration. The virus was transmitted to her by one of her relatives,” the Ministry of Health announced, noting that “we are taking all the necessary measures to isolate her, identify those who were in contact with her inside and outside of the Ministry and make sure they self-quarantine at home.”