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The Eccles Building, location of the Board of Governors of the Federal Reserve System. Photo: Brooks Kraft / Getty Images

The Federal Reserve could soon raise the rate of interest paid on deposits of the majority of bank customers, the Wall Street Journal reports. One sign of what's to come: the average rate on a one-year certificate of deposit hit 0.49% last week, the highest in over 7 years.

Why it matters: It would mean more money in the pocket of average American, even as consumers have moved away from locking away their money in traditional CDs in recent years given the ease of moving money electronically. The dilemma, per the WSJ: "Banks don’t want to pay more than they have to, but they also don’t want to keep deposit rates so low that customers eventually leave."

Go deeper

Updated 7 mins ago - Health

The coronavirus variants: What you need to know

Illustration: Aïda Amer/Axios

New variants of the coronavirus circulating globally appear to increase transmission and are being closely monitored by scientists.

Driving the news: The highly contagious variant B.1.1.7 originally detected in the U.K. could become the dominant strain in the U.S. by March if no measures are taken to control the spread of the virus, the Centers for Disease Control and Prevention said Friday.

9 mins ago - World

Abbas announces first Palestinian elections in 15 years

Abbas is 85 and in the 15th year of a 4-year term. Abbas Momani/AFP via Getty

Palestinian President Mahmoud Abbas published a decree on Friday announcing the dates for parliamentary and presidential elections in the Palestinian Authority.

Why it matters: This is the first time in 15 years that such a decree has been published. The last presidential elections took place in 2005, with Abbas winning, and the last parliamentary elections took place in 2006, with Hamas winning.

Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — America has tuned out the coronavirus at the peak of its destruction — 1 in 3 people in L.A. County believed to have been infected with coronavirus.
  2. Politics: Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan— Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat — Joe Biden will seek nearly $2 trillion in COVID relief spending.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.