� Global: Total confirmed cases ~4,877,000; Total deaths: ~323,000; Total recoveries: ~1,673,000. (Johns Hopkins University)

🇺🇸 U.S.: Total confirmed cases ~1,524,000; Total deaths: ~92,000; Total recoveries: ~283,000

💰 Markets: Dow 📉; S&P 500 📉; Nasdaq 📉

Trump called the high number of U.S. COVID-19 cases a “badge of honor� because it means the U.S. is testing more people. “Really, it’s a badge of honor,� Trump said. “It’s a great tribute to the testing and all of the work that a lot of professionals have done.� The U.S. death toll stands at roughly 92,000 with more than 1.5 million confirmed cases of coronavirus. (CNN)

The Congressional Budget Office projects GDP dropping 38% in the second quarter as 26 million Americans remain unemployed. (CNBC)

The Federal Reserve chair said the U.S. would have a slow recovery from the “biggest shock that the economy’s had in living memory,� suggesting that a full rebound from the lockdowns could take until the end of 2021. (New York Times)

Treasury Secretary Steven Mnuchin said “there is the risk of permanent damage� to the economy if the country remains closed. He said he plans to use all of the $500 billion that Congress provided to help the economy through direct lending. (Bloomberg)

A leaked Pentagon memo warned of “the real possibility of a resurgence� of the coronavirus and that an effective vaccine will not be ready until “at least the summer of 2021,� contradicting Defense Secretary Mark Esper’s vow to deliver a vaccine “at scale� by the end of the year. “We have a long path ahead,� the memo reads, reportedly authored by Esper. “Therefore, we must now re-focus our attention on resuming critical missions, increasing levels of activity, and making necessary preparations should a significant resurgence of COVID-19 occur later this year.� (Task and Purpose / Daily Beast / Military.com / Raw Story)

White House officials, however, predict a swift economic recovery, suggesting that the “reopening� of states will reverse the economic damage caused by the coronavirus. Some economists and Wall Street analysts say the unemployment rate could remain above 10% into 2021 — unseen since the Great Depression — even if lawmakers approve more emergency aid. (Washington Post)

By Wednesday, all 50 states will have begun lifting restrictions put in place to combat the coronavirus outbreak despite daily case rates continue to rise in parts of the country. Only 16 stat...