Metropolitan areas, states and Washington sought strategies to mitigate the blow of the novel coronavirus as businesses closed, the European Union prepared to shut its borders, and fears of a pandemic-induced recession held marketplaces on edge.

U.S. Treasury Secretary Steven Mnuchin is pitching Senate Republicans on a $one trillion stimulus program that would consist of about $250 billion in direct payments, in accordance to a White House formal. The Federal Reserve also took measures to protect against even further strains in limited-time period professional debt marketplaces. The moves…