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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Data: Atlanta Fed, N.Y. Fed; Chart: Axios Visuals

The New York and Atlanta Fed's GDP forecasts for the second quarter have diverged wildly since late May.

The state of play: The spread has come largely since late May as the Atlanta Fed's indicator pushed expectations for the quarter to below -40% after bad retail sales, industrial production and manufacturing data. The N.Y. Fed's metric remained elevated. Similarly, late May readings of personal income and outlays and a series of advanced economic indicators sent the Atlanta Fed's GDP forecast below -50%, while the N.Y. Fed's forecast fell only as low as -35.5%.

Go deeper

Dion Rabouin, author of Markets
Oct 19, 2020 - Economy & Business

Report shows manufacturing tea kettle

Data: FRED; Chart: Axios Visuals

Manufacturing PMIs have surged over the past few months, showing a clear breakout V-shaped recovery that has put the indexes of sentiment at the highest levels since 2018, but the hard numbers continue to lag.

Driving the news: The Fed's index of industrial production, which tracks output at factories, mines and utilities, fell a seasonally adjusted 0.6% last month after consistent increases since May, and output remains 7.1% below where it was in February.

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

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