UAW to resurrect 'Buy American' campaign: That's according to the Detroit Free Press, which quotes UAW leader Dennis Williams saying "No company … can survive without the market of the United States of America," and that it's time Americans started using that power to say "enough is enough." But the problem of identifying what is exactly "American" hasn't gotten any easier since the 1980s during the campaign's heyday. Foreign automakers build much of what they sell in the U.S. here, while American firms are often using Mexican labor for part of their supply chains.

The great American debt machine: CNNMoney published the eye-grabbing headline, "Household debt is dangerously close to 2008 levels," based on New York Fed data showing that consumer debt climbed by $460 billion in 2016, the largest jump in close to a decade. But the debt profile of American consumers is much different today than in 2008, while the income and assets we're holding as collateral have changed too. Mortgage debt increased by 2.8% last year, but that's actually a slower pace than the growth in overall home values, and roughly in line with income growth.

The real drivers of debt of late have been auto and student debt. Though 11.9% of student loans are either delinquent or more than 90 days late, that figure has not been rising in recent months, so no alarms just yet.

Who will run Trump's Fed? Obama-era gridlock has left President Trump the chance to reshape the central bank. There are two open seats on the seven-member board, which serves staggered 14-year terms. Janet Yellen and Vice-chair Stanley Fischer's terms are up at the end of next year. Deustche Bank names four possible choices for the Trump Fed, including monetary hawks John Taylor and John Cochrane. These two would be no-brainers for another Republican, but as Trump has abandoned the strong-dollar policy, it's difficult to see how he could justify choosing these avid interest-rate hikers.

Go deeper

Felix Salmon, author of Capital
14 mins ago - Economy & Business

How equity became more attractive than debt

Illustration: Annelise Capossela/Axios

The prime example of something highly improbable that became conventional wisdom: The idea that both interest rates and inflation will remain near zero for well over a decade.

Why it matters: As Axios' Dan Primack writes, private equity firms (the polite rebranding of "leveraged buyouts") have historically bought companies and loaded them up with debt.

Felix Salmon, author of Capital
17 mins ago - World

When society faces the unprecedented

Illustration: Aïda Amer/Axios

Our febrile world is not normal.

The big picture: The precautions that we're taking against the spread of COVD-19; the way in which the president of the U.S. delights in violating political norms; the fires, hurricanes and other signs that catastrophic global warming has arrived; the virulent spread of the QAnon conspiracy theory — all of these things, and many more, represent a stunning break with the world as we knew it.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 34,026,003 — Total deaths: 1,015,107 — Total recoveries: 23,680,268Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 7,237,043 — Total deaths: 207,008 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Health: New poll shows alarming coronavirus vaccine skepticism — New research centers will study "long-haul" COVID — Coronavirus infections rise in 25 states.
  4. Business: Remdesivir is good business for Gilead.
  5. Transportation: The politics of pandemic driving.
  6. 🎧Podcast: The looming second wave of airline layoffs.