Good morning from the Financial Times. Today is Thursday, May 14th, and this is your F.T. news briefing.

Jay Powell continues his call for more fiscal stimulus to help avoid long-term economic damage from the

pandemic. And BMW has come under fire for plans to go ahead with proposing a

dividend payout at its virtual annual meeting today, despite asking the German government for subsidies.

Plus collateralized loan obligations or CLOs, and the leverage loans that underpin them have

boomed over the past decade.

The FT's capital markets correspondent, Rob Smith, will explain why they could be vulnerable

in the pandemic.

I'm Mark Filipino, and here's the news you need to start your day.

Yesterday Federal Reserve Chair Jay Powell said Washington's economic response to

coronavirus was timely and appropriately large, but we might not have seen the end of it.

Additional fiscal support could be costly, but worth it if it helps avoid long-term damage and leaves

us with a stronger recovery.

That was Mr Powell talking to the Peterson Institute for International Economics,

and this wasn't the Fed Chair's first call for more stimulus.

During April's Fed meeting, Mr. Powell warned of medium-term economic fallout from the virus and called on Congress in the White House for direct fiscal support that might be needed to limit long-lasting damage.

Over the past two months, the White House and Congress passed $3 trillion worth of stimulus measures

to fight the economic turmoil caused by the pandemic.

Congressional Democrats are pushing for $3 trillion more, but Republicans and the White House are pushing back for several

reasons, including the cost. The cost of fighting the effects of coronavirus and the debt needed

to support it is something economists are paying close attention to.

Speaking to the F.T yesterday, OECD Secretary General Angel Gorea warned of the dangers of the

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