Here’s a rundown of your top economic news today

By Jeannette NeumannMay 5, 2020, 6:18 AM EDT

• German judges give ECB three months to fix QE program
• In Mexico, remittances reached a record high in March

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• U.S. Treasury Secretary Steven Mnuchin plans to boost U.S. borrowing from April through June by an unprecedented $3 trillion to support the economy
• The Federal Reserve is close to standing uptwo corporate lending programs that could buy as much as $750 billion in debt and exchange-traded funds under its emergency coronavirus actions
• A U.S. recession is all but officially underway. The speed at which the economy has ground to a halt has rendered much of the traditional economic data outdated before it’s even published. To fill the gap, Bloomberg economists created a weekly dashboard of high frequency, alternative and market-based indicators
• The European Central Bank’s quantitative-easing program looks set to fight another day. German judges issued a three-month ultimatum to fix flaws in the program, which is a critical part of the ECB’s battle against economic turmoil
• In Europe, more than 40 million workershave been furloughed during the shutdowns, based on data from the region’s biggest economies
• In Mexico, remittances reached a record high in March, surprising analysts who were expecting a decline, as workers in the U.S. rush to send savings back home amid a worsening economic outlook.