Mar 3, 2017

Big in Business: all eyes on Yellen

Andrew Harnik / AP

Janet Yellen will speak this afternoon at 1 PM, sharing her economic outlook at the Executives Club of Chicago. Traders will parse her words carefully, looking for any clues to the timing of the next hike. They're now placing a 75.3% chance of a rate hike in March, up from 66.4% late Wednesday. After Vice Chair William Dudley said earlier this week, "the case for tightening monetary policy has become a lot more compelling." Chair Yellen is expected to reinforce the idea that higher interest rates are on the way.

Mexico's trade war strategy: Alejandro Silva & Alejandro Urbina, emerging market investors at Silva Capital Management, argue in Bloomberg View that Mexico has plenty of leverage in a trade war with the U.S. "Mexico should target products coming from states that were critical to Trump's victory in the Electoral College," they write, naming states like Michigan, Pennsylvania, and North Carolina as places where hundreds of thousands of jobs rely on exports to Mexico. In Ohio, for instance, they write that 178,000 in the jobs in transportation equipment manufacturing are supported with exports to Mexico.

Caterpillar's facilities raided by feds: Three manufacturing facilities in Illinois were raided by federal law enforcement officials, the company said Thursday afternoon, sending the stock down 4.28%. The company added that it thinks the investigation is related to an IRS probe of a Swiss subsidiary.

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 1,513,358 — Total deaths: 88,415 — Total recoveries: 329,329Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 430,376 — Total deaths: 14,739 — Total recoveries: 23,707Map.
  3. Federal government latest: Top Trump administration officials had been developing a plan to give cloth masks to huge numbers of Americans, but the idea lost traction amid heavy internal skepticism.
  4. States latest: New York has reported more cases than the most-affected countries in Europe. Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  5. Business: One-third of U.S. jobs are at risk of disappearing, mostly affecting low-income workers.
  6. World: WHO Director-General Tedros Adhanom Ghebreyesus urged countries to put politics aside "if you don’t want to have many more body bags.”
  7. Environment: COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.
  8. Tech: A new report recommends stimulus spending to help close the digital divide revealed by social distancing.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: New York tops previous day's record death toll

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York's death toll surged to its highest one-day total on Wednesday — beating the previous day's record. 779 people died in the state in 24 hours. The state has reported more cases than the most-affected countries in Europe.

Why it matters: Public health officials have warned this would be a particularly deadly week for America, even as New York began to see declining trends of hospitalizations and ICU admissions.

Go deeperArrowUpdated 52 mins ago - Health

The pandemic and pollution

New York City's skyline on a smoggy day in May 2019. Photo: Drew Angerer/Getty Images

COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.

Why it matters: Old-fashioned air pollution is almost certainly the single biggest environmental health threat, contributing to the deaths of some 7 million people a year according to the WHO, making it comparable to deaths from smoking.

Go deeperArrow4 hours ago - Health