The Federal Reserve has warned of lasting “medium-term” economic fallout from the coronavirus pandemic. The FT’s James Politi unpacks the central bank’s outlook. Plus, the White House praised Gilead’s remdesivir as a coronavirus treatment drug after the release of the findings from a new study, and Microsoft posted strong results in the latest quarter thanks to a jump in its cloud-related business. Then, the FT’s Stephen Morris reports on how Barclays fared in the first quarter as the bank announced  a sharp increase in provisions for bad loans.To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/newsbriefingcovid. See acast.com/privacy for privacy and opt-out information.