Tuesday, June 23, 2020

Hell Yeah! Here's Something Unique In The Uncertain COVID-19 Pandemic Times > "A BEAM-SIGNING EVENT"

Here's the slick press release from a Public Relations Media Contact from FocusAZ that's filled with head-on full-play propaganda for mass media consumption
Post Date:06/22/2020 3:28 PM
Final beam rises at Union Building One at Mesa Riverview
Exactly eight months from its groundbreaking celebration, Lincoln Property Company (LPC) and Harvard Investments have placed the final beam at Union Building One – the first of four Class A office buildings planned at the confluence of Mesa, Tempe and Scottsdale. When complete, the project will bring a new, 1.35 million-square-foot corporate hub to the heart of Mesa Riverview.
The developers were joined today by Mesa Mayor John Giles and Vice Mayor Mark Freeman for a beam signing event, marking completion of the steel structure at Union Building One and its quick progression toward a November 2020 completion. 
"Lincoln Property Company and Harvard Investments have a solid track record of building excellent Class A office space in Mesa," said City of Mesa Mayor John Giles. "Mesa's Riverview District has grown into an epicenter of shopping, food, entertainment and jobs with easy access to freeways and neighborhoods. I look forward to watching Union evolve as an employment centerpiece for the District and our residents."
It is exciting to see Union become one step closer to completion,”
said City of Mesa Vice Mayor and District 1 Councilmember Mark Freeman. “This is an important project for the City and the District, and it shows the City of Mesa's commitment to economic development and creating high quality projects that will help to increase the quality of life in our community.”
When completed, Building One will total 238,348 square feet in four stories, with an adjacent four-level parking structure. Like all of the buildings at Union, Building One will deliver a creative office environment with a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass providing sweeping views of the surrounding city, mountains and adjacent Riverview Park and Lake.
Adding to the creative office vision, Union will be peppered with custom artwork ranging from commissioned wooden furniture and lighted glass art in the lobby to parking deck stair towers painted by local artisans.

“We have a clear vision for Union, and our development team has worked hard to keep that vision on track during a very unique time,” said Lincoln Property Company Executive Vice President David Krumwiede. Revised protocols and strategic additions to our amenity package – such as touchless features and ionizing air purifiers – will ensure that Union is even more creative and relevant in a ‘new normal’ work environment.”
“Union is a collective achievement that wouldn’t be possible without the support of Mayor John Giles and the entire Mesa City Council,” said Harvard Investments President and CEO Craig Krumwiede. We’re so appreciative of their support, their trust and their presence as we raise the final beam at our first Union building.”
Building One is located on the northeast corner of the Union project, a 28.2 acre site offering direct frontage to the Loop 202 and monument signage seen by approximately 160,000 cars per day. It is accessible by two freeway interchanges, at the Loop 202 at Dobson Road and the Loop 101 at Rio Salado Parkway.
The building will connect to a larger built environment that is packed with indoor-outdoor areas enhanced with water features. These amenities will be linked by the Rio Salado Pathway to encourage connectivity with the Union campus and with Mesa’s mixed-use Riverview district, which offers 1.2 million square feet of retail, restaurants and hotels (including the Sheraton Mesa and Hyatt Place).
Union also sits within walking distance to Riverview Park and Lake. It is two miles from Arizona State University’s main Tempe campus and 10 minutes from Sky Harbor International Airport.
Tenants at Building One will be served by 1,344 parking spots (1,029 within the parking structure and 315 surface), creating a 6/1,000 parking ratio. Future buildings will range from four to eight stories and from 232,000 to 450,000 square feet, and will have similar parking support.
DAVIS is the project architect at Union.
Wespac is the general contractor.
Lincoln Property Company will serve as the project’s leasing agent and property manager.
________________________________________________________________________________
To discuss development, investment, leasing or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.
________________________________________________________________________________
About Lincoln Property Company
Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services. LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 403 million square feet of commercial space under leasing and/or management. Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.
LPC's Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. In that time, the regional office has developed almost 6 million square feet, acquired more than 10 million square feet and manages approximately 10 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. In 2019, the company reached new benchmarks, completing two of the highest-priced metro Phoenix office and industrial transactions with the sale of the Waypoint office campus and the sale of Lincoln Logistics 40 to Nike, as well as launching the Union office campus in Mesa, new buildings at The Grand at Papago Park Center in Tempe and the Park303 industrial/e-commerce park in Glendale. It is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, including its latest recognition as the NAIOP Arizona 2018 Owner/Developer of the Year and recent designation as an Arizona Republic Top Companies to Work for in Arizona. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcphx.com.
About Harvard Investments
Harvard Investments, Inc. is a real estate investment and development company with real estate holdings throughout the western United States. Harvard combines experience, integrity, and financial stability to create high quality, environmentally sensitive, profitable communities. Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance. The Hill Companies have been under continuous family ownership and operation since 1903. To learn more visit http://www.harvardinvestments.com/. 


MEDIA CONTACT:
Stacey Hershauer
480.600.0195
stacey@focusaz.com
________________________________________________________________________
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FINAL AGENDA READY: Audit, Finance and Enterprise Committee Meeting Thu 06.25.2020 @ 08:00 a.m.

Here's the entire Final Agenda at-your-fingertips.
What you do with it as an informed member of the public is up to you if you believe that citizens have a responsibility to be active in government.
Meeting Agenda - Final
Mesa Council Chambers 57 East First Street
Jennifer Duff - Chairperson
   > Mark Freeman
   > David Luna
   > Christopher Brady - Ex Officio
________________________________________________________________________
You are invited and encouraged to access and use the links to the Attachments provided -
you might learn something!


8:00 AM Virtual Platform Thursday, June 25, 2020
________________________________________________________________________
Council Committee Meeting Notice:
To decrease COVID-19 exposure, the City Council Chambers is closed, but public participation will be available telephonically.  
Members of the Council Committee will appear electronically for this meeting, via a video conferencing platform, and the audio of the live meeting will be accessible telephonically.
Because of the current public health emergency, the City Council Chambers is closed for Committee Meetings.
However, the audio of the live meeting is accessible by calling
888788-0099 or
877-853-5247 (toll free) using meeting ID 5301232921 and following the prompts.   
For any difficulties accessing this meeting,
please call 480-644-2099.
_______________________________________________________________________________
City Councilmembers who are not members of this Committee may elect to attend this meeting for their own information.
These Councilmembers will not take any legal action, nor will they participate in any deliberations or discussions regarding any item on this agenda.
________________________________________________________________________________
Roll Call
Item 1 Presentations
1-a Presentation: 20-0658
Hear a presentation and discuss the following audits:
1.  Transient Lodging Tax  
2.  Citywide Cash Funds (Continuous)  
3.  Annual Credit Card Security Review  
4.  Procurement Card Program (Follow-Up Review)  
5.  Development Services Fees and Charges (Follow-up Review)

Meeting Details and Attachments
File #: 20-0658   
Type: Presentation Status: Agenda Ready
In control: Audit, Finance and Enterprise Committee
On agenda: 6/25/2020
Title: Hear a presentation and discuss the following audits: 1. Transient Lodging Tax 2. Citywide Cash Funds (Continuous) 3. Annual Credit Card Security Review 4. Procurement Card Program (Follow-Up Review) 5. Development Services Fees and Charges (Follow-up Review)
Attachments: 1. Presentation,
2. Transient Lodging Tax,
3. Citywide Cash Funds,
4. Credit Card Security Review,
5. Procurement Card Program Follow-up Review,
6. Development Services Fees & Charges Follow-up Review
__________________________________________________________________________
THE PRESENTATION: 256 KB in 25 Power-Point Slides
Let's take some time to access and view just two of the five

Transient Lodging Tax
Continuous Auditing of Cash Funds
Annual Credit Card Review
Follow-up Review –Procurement Card Program
Follow-up Review –Development Services Fees & Charges



Transient Lodging Tax Follow-up Review
Slide 6

What did we find/ recommend?
Monitoring process not in place to evaluate Visit Mesa’s compliance or performance.

Recommendations:
• Monitor expenses to verify compliance with statutes and contract terms.
• Monitor metrics to evaluate Visit Mesa’s performance.
• Identify contract deliverables that deliver the most value and monitor for compliance.
• Establish a formal communication process to authorize spending and identify key activities to be performed.
__________________________________________________________________________________
Follow-up Review –Development Services Fees & Charges
FOLLOW-UP REVIEW 
Date: May 19, 2020
Department: Development Services  
Subject: Fees & Charges 
Lead Auditor: Kate Witek  
OBJECTIVE
The objective of this follow-up review was to determine whether the action plans in our May 2019 Development Services Fees and Charges audit were effectively implemented. 
SCOPE & METHODOLOGY
To accomplish our objective, we reviewed revised and new departmental procedures; interviewed staff; reviewed reconciliations; and analyzed the department’s updated internal audit process. 
BACKGROUND
On May 28, 2019 we issued an audit report on Development Services fees and charges.

The primary objective of the audit was to determine whether effective controls were in place to ensure all due fees and charges for plan review and permit activities were accurately calculated, recorded, and collected.
An additional objective was to evaluate the department’s internal audit process.
The report included several recommendations, summarized as follows: 
1. Management should ensure cash receipts are reconciled daily; policies and procedures are updated regularly; checks are stored in a secure location; and employees complete cash handling training timely. 

2. Management should implement system and/or process controls to mitigate the risk associated with system access and manual permit changes. 
3. The department’s internal audit process should be improved to provide reliable quality assurance to management.  

ONE QUICK VIEW [PARTIAL]
AUDIT REPORT  
Date:   June 25, 2020
Department:   Citywide
Subject:   Continuous Auditing of Cash Funds 
Lead Auditor:   Kate Witek, Sr. Internal Auditor  
OBJECTIVE
This audit was conducted to determine whether internal controls are in place and operating effectively to safeguard cash funds throughout the City.  
SCOPE & METHODOLOGY

We conducted this audit in accordance with Generally Accepted Government Auditing Standards, which require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.  
The scope of the audit was fiscal year 2020.

To accomplish our objective, we:  
Conducted unannounced site visits to test change and petty cash funds.  
Verified custodial agreements were current. 
Tested compliance with City and departmental cash handling policies. 
Examined petty cash fund replenishments and cash balance reports.  
Analyzed revenue system users to test compliance with cash handling training requirements
ANOTHER ONE QUICK VIEW [PARTIAL]


Item 1 Presentations:
1-b Presentation: 20-0659
Hear a presentation and discuss the following audits:
20-0659 Hear a presentation, discuss, and provide a recommendation on the proposed Audit Plan for FY 2020/21.
1-b
File #: 20-0659   
Type: Presentation Status: Agenda Ready
In control: Audit, Finance and Enterprise Committee
On agenda: 6/25/2020
Title: Hear a presentation, discuss, and provide a recommendation on the proposed Audit Plan for FY 2020/21.                                 
Attachments: 1. Presentation,
2. FY 2020-2021 Proposed Audit Plan
__________________________________________________________________________
2 Adjournment




Monday, June 22, 2020

Mesa City Council VirtuaL Platform "Study Session" Thu 06.25.2020 @ 07:30 a.m. (NO AGENDA READY FOR THE PUBLIC) 3 days ahead of time

HEADS up! There's also 3 other meetings + 3 Public Hearings all scheduled at the same time!
NOTE: We do have those 3 agendas printed today 06.22.2020.Last months CFD Board meetings were done and over in 3 minutes!
The Cadence Community Facilities District Board met via a virtual format streamed into the lower level meeting room of the Council Chambers, 57 East 1st Street, on May 28, 2020 at 7:35 a.m. Without objection, the Cadence Community Facilities District Board meeting adjourned at 7:38 a.m.
__________________________________________________________________________

Meeting Name: Cadence Community Facilities District Board Agenda status: Final
Meeting date/time: 6/25/2020 7:30 AM Minutes status: Draft  
Meeting location: Virtual Platform
Published agenda: Agenda Agenda
Roll Call
1 Items from citizens present.
2 20-0626 Approval of minutes from the May 28, 2020 meeting
File #: 20-0626   
Type: Minutes Status: Agenda Ready
In control: Cadence Community Facilities District Board
On agenda: 6/25/2020
Title: Approval of minutes from the May 28, 2020 meeting.
Attachments: 1. May 28, 2020 Cadence 
 
3 Conduct a public hearing.
20-0662 Conduct a public hearing on the proposed Eastmark Community Facilities District No. 2 Fiscal Year 2020-21 Budget and Tax Levy.
3-a

4 Take action on the following resolutions:
20-0260 Levying upon the assessed valuation of the property within the Cadence Community Facilities District subject to ad valorem taxation a certain sum upon each one hundred dollars ($100) of valuation for the fiscal year ending June 30, 2021.
4-a
20-0665 Approving the Cadence Community Facilities District Fiscal Year 2020-21 Final Budget. 
4-b
File #: 20-0665   
Type: Resolution Status: Agenda Ready
In control: Cadence Community Facilities District Board
On agenda: 6/25/2020
Title: Approving the Cadence Community Facilities District Fiscal Year 2020-21 Final Budget.
Attachments: 1. Board Report,
2. Resolution-FY20-21 Budget
5 Adjournment.

INSERT
Cadence Community Facilities District  Board Report  
Date:  June 25, 2020
To:  Cadence Community Facilities District Board of Directors
Through: Michael Kennington, District Treasurer 
From:  Scott Butler, Deputy Budget Director    
Subject: FY 2020-21 Cadence Community Facilities District Budget  
Purpose   This action approves the Fiscal Year (FY) 2020-21 Final Budget for the Cadence Community Facilities District (City of Mesa, Arizona) (the "District").  This action is the final step in the approval process for the District's FY 2020-21 budget.  Arizona law (ARS 48-716 and ARS 48-723) requires that, before October 1 of each year, community facilities districts hold a public hearing on the budget and approve a final budget for the upcoming fiscal year.   
Background 
On November 12, 2015, the Mesa City Council formed the District.  The District issues general obligation bonds to finance the cost of eligible public infrastructure within the geographical boundaries of the District.  The principal of and interest on the District's general obligation bonds is paid for with revenue generated by the levy of an annual ad valorem tax on all taxable property within the District.    The District also issues special assessment revenue bonds secured by special assessments on residential lots within designated Special Assessment Districts (“SADs”, and each a “SAD”) within the District. 
Discussion 
The FY 2020-21 District budget includes spending for three purposes:
(1) operations,
(2) capital, and
(3) debt service.   

(1) Operations a. Expenditures
The District pays for accounting, budget, clerk, engineering, legal, and treasurer services provided from City staff time. 
In addition, the District pays for publishing costs, audit work, outside legal counsel, and software license costs incurred by the District.    

b. Funding Sources 
Upon initial formation of the District, property owners approved an ad valorem tax at a rate equal to $0.30 per $100 of assessed valuation for all real and personal property in the District to fund the operation and maintenance expenses of the District (the "O&M tax") per Arizona law (ARS 48-723).  Operation and maintenance expenses not funded by the O&M tax are reimbursed by the District's master developer, PPGN Holdings, LLLP ("Harvard") per an agreement among the City, the District, and Harvard.   

(2) Capital
a. Expenditures
The District uses bond proceeds to reimburse Harvard for the cost of eligible public infrastructure.  The FY 2020-21 District budget includes an estimated general obligation bond issuance of $4.7M. Final (August) FY 2020-21 property values will be used in considering the issuance of general obligation bonds. 
Proceeds from general obligation bonds would reimburse Harvard for street improvements and other eligible public infrastructure within the District.  Whether or not to issue general obligation bonds is at the District Board's discretion.   
SAD 1 and 2 have been formed and special assessment revenue bonds have been issued to finance local infrastructure within each SAD. 
The FY 2020-21 District budget includes the issuance of special assessment revenue bonds for
SAD 3 & SAD 4
Proceeds from the special assessment revenue bonds would reimburse Harvard for local street improvements.  Formation of SAD 3 & SAD 4 and issuance of the related special assessment revenue bonds is at the discretion of the District Board.  
Each bond sale includes costs of issuance such as legal counsel, financial advice, and other transaction costs that are paid from bond proceeds.   
b. Funding Sources
Proceeds from general obligation bonds and special assessment revenue bonds are the source of District payments made to Harvard
The FY 2020-21 District budget includes a contingency for budget capacity to provide flexibility in how the general obligation bonds and special assessment revenue bonds are structured and in case final property values are higher than anticipated.         

(3) Debt Service
a. Expenditures The FY 2020-21
District budget includes debt service (principal, interest, and administrative costs) for District bonds that have already been issued, as well as for bond issuances being considered for FY 2020-21.   
b. Funding Sources
There are two funding sources for District bond debt service, depending on the type of bond: 
(1) the District’s general obligation bonds are secured by the levy of a secondary ad valorem tax on all taxable property in the District, and the planned secondary tax rate for FY 2020-21 debt service on such general obligation bonds is $3.85 per $100 of assessed valuation of taxable property, and 
(2) the District’s special assessment revenue bonds are secured by special assessments on residential lots within a designated SAD in an assessment amount not greater than $3,500 per residential lot.  The amount of the special assessment that may be levied on a residential lot is limited by the value of the property in each SAD. 
Payment of the special assessments can be made in annual installments over the life of the special assessment revenue bonds, which is typically 25 years.  Owners of residential lots may prepay the special assessments at any time.         
Property Tax 
The valuation of real property in the District is determined annually by either Maricopa County or the State of Arizona. 
Property is assigned a full cash value ("FCV") and a limited property value ("LPV"). 
The annual increase in LPV is restricted to 5%; FCV does not have an annual increase restriction.  A property’s LPV cannot exceed its FCV. 
The District's property tax levy is a secondary property tax, which is levied against the net assessed LPV of a property. 
A combined tax rate of $4.15 per $100 of net assessed LPV ($3.85 for debt service and the $0.30 O&M tax) is targeted in FY 2020-21.   
Table 1.  Cadence CFD - FY 2020-21 Property Tax Rate and Levy   Purpose Tax Rate (per $100 of NALPV) Tax Levy O & M $0.30 $   35,453 Debt Service $3.85 $ 454,981 Total $4.15 $ 490,434   

Impact to Property Owners 
The owner of the average (mean) value residential property in the District would pay $864 of District property taxes in FY 2020-21, in addition to $233 of City property taxes.   
Additional Information 
The property tax levy amount is included in the FY 2020-21 District budget to create budget capacity but does not obligate the District Board to any specific course of action with regards to the property tax rate and levy. 
Alternatives  The District Board may choose to postpone final approval of the District budget until as late as September 30, 2020, to make any desired adjustments. 
________________________________________________________________________________
Meeting Name: Eastmark Community Facilities District No. 1 Board Agenda status: Final
Meeting date/time: 6/25/2020 7:30 AM Minutes status: Draft  
Meeting location: Virtual Platform
Published agenda: Agenda Agenda
Roll Call
1 Items from citizens present
2 20-0627 Approval of minutes from the May 28, 2020 meeting.2
3 Conduct a public hearing.
20-0663 Conduct a public hearing on the proposed Eastmark Community Facilities District No. 1 Fiscal Year 2020-21 Budget and Tax Levy.
3-a
4 Take action on the following resolutions:
20-0258 Levying upon the assessed valuation of the property within Eastmark Community Facilities District No. 1 subject to ad valorem taxation a certain sum upon each one hundred dollars ($100) of valuation for the fiscal year ending June 30, 2021.
4-a
20-0666 Approving the Eastmark Community Facilities District No. 1 Fiscal Year 2020-21 Final Budget.
4-b
5 Adjournment.
________________________________________________________________________________
Meeting Name: Eastmark Community Facilities District No. 2 Board Agenda status: Final
Meeting date/time: 6/25/2020 7:30 AM Minutes status: Draft  
Meeting location: Virtual Platform
Published agenda: Agenda Agenda
Roll Call
1 Items from citizens present
2 20-0628 Approval of minutes from the May 28, 2020 meeting.2
3 Conduct a public hearing.
20-0664 Conduct a public hearing on the proposed Eastmark Community Facilities District No. 2 Fiscal Year 2020-21 Budget and Tax Levy.
3-a
4 Take action on the following resolutions:
20-0259 Levying upon the assessed valuation of the property within Eastmark Community Facilities District No. 2 subject to ad valorem taxation a certain sum upon each one hundred dollars ($100) of valuation for the fiscal year ending June 30, 2021.
4-a
20-0667 Approving the Eastmark Community Facilities District No. 2 Fiscal Year 2020-21 Final Budget.
4-b
5 Adjournment.
_________________________________________________________________________________

Arizona Emerges As A National Hot Spot: Data Trends Going In The Wrong Direction

PHOENIX (AP) — Arizona has now passed the 50,000 mark in confirmed COVID-19 cases
The state Department of Health Services reported 2,592 additional cases as of Sunday, increasing the statewide total to 52,390.
Health officials also reported one more known death, pushing Arizona’s total so far to 1,339.

> The state’s surge in additional cases this week set daily records for hospitalizations, ventilator use and use of intensive care beds for coronavirus patients.
> Arizona set a daily new-case record of 3,246 on Friday.
> There were 3,109 cases reported Saturday preceded by 2,519 Thursday and 2,392 Tuesday.

The state has emerged as a COVID-19 national hot spot since Republican Gov. Doug Ducey lifted his stay-home orders in mid-May.
Health officials have attributed the new cases to increased testing and to community spread of the virus.
Saying that data trends were headed in the wrong direction, Ducey on Wednesday reversed himself and allowed local governments to impose requirements for people to wear masks in public to curtail spread of the virus . . .
Associated Press

Arizona passes 50,000 mark in confirmed coronavirus cases

_________________________________________________________________________________

Sunday, June 21, 2020

Open To Question In Desperate Times: Last Resort Central Banks

When in doubt, Buy everything . . .
Translation = Yield Curve Control with words of caution.

But first there's this from Niall Ferguson, one of your MesaZona blogger's favorite historians who answers his own questions provided by looking back at historical episodes.
He's mostly right except for the "second-wave" thing.
Politics & Policy
America Is on the Road to Relapse Not Recovery
The U.S. isn’t following the example of countries that have shown what a “smart reopening” entails. 


"America is on the road. But is it on the road to economic recovery or a pandemic relapse?
Fans of “On the Road” — Jack Kerouac’s 1957 classic of beatnik literature — will recall that its giddy, low-punctuation style is sometimes a little hard to follow. The same might be said of the data Americans are currently generating, some of which undoubtedly points to a rapid (if not quite V-shaped) recovery, and some of which seems to indicate either a second wave of Covid-19 infections or simply the continuation of the first wave.
The two are not separate stories, but rather a single, intertwined narrative. The best title for this tale was devised by my Hoover Institution colleague, the economist John Cochrane. He called it “The Dumb Reopening.”
A smart reopening is the sort that has been possible in countries such as Taiwan and South Korea, which were so quick to ramp up testing and contact tracing that they didn’t need to do lockdowns in the first place.
Among European countries, Germany and Greece have also successfully adopted these methods, which ensure that any new outbreaks of Covid-19 can quickly be detected, so-called super-spreaders isolated, their recent contacts swiftly traced and tested, and the outbreaks snuffed. . .
. . perhaps the most useful mobility data for economists come from Google’s Community Mobility reports, which show how visits and length of stay at different places have changed relative to a Jan. 3-Feb. 6 baseline. By subdividing destinations into six categories — retail and recreation, grocery and pharmacy, parks, transit stations, workplaces and residential — the Google data help us zero in on what matters economically. . .
Eyeballing the latest data on confirmed cases, I see second waves in Arizona, Florida, Idaho, Nevada, Oklahoma, Oregon, Washington and Wyoming, as well as second ripples in Hawaii, Kansas and Montana. First waves continue in California, Mississippi, South Carolina, Tennessee, Texas and Utah. Trends in case numbers, positive tests and hospitalizations look especially worrisome in Arizona, Florida and Texas. . .
Hardly any leading academic economist believes in the V-shaped recovery story, where output snaps back as far and as fast as it has fallen.
The alternative, and I suspect more likely, scenario is that Americans carry on getting back to normal and tacitly accept further excess mortality as just a cost of doing business until a vaccine is available
. . .
As it happens, Kerouac’s “On the Road” was first published in 1957. The book’s second line is: “I had just gotten over a serious illness that I won’t bother to talk about.”
By the end of this year, the way things are going, several million Americans will be able to say those same words about Covid-19. Sadly, roughly 200,000 won’t be able to."
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
To contact the author of this story:
Niall Ferguson at nferguson23@bloomberg.net
To contact the editor responsible for this story:
Tobin Harshaw at tharshaw@bloomberg.net
_________________________________________________________________________

A ‘Buy Everything’ Rally Beckons in World of Yield Curve Control
                                        
"As central banks pump trillions into the world economy, investors are setting their sights on what could be the next big thing in global monetary policy: yield curve control.
The strategy, which involves using bond purchases to pin down yields on certain maturities to a specific target, was once deemed an extreme and unusual measure, . .
No longer. This year, the Reserve Bank of Australia adopted its own version. And despite officials’ attempts to cool it, speculation is rife that the U.S. Federal Reserve and Bank of England will follow later this year.