Feb 1, 2017

Big in Business: The Fed on center stage

Cliff Owen / AP

Janet Yellen returns to the news cycle today: Following the conclusion of the the Fed's first meeting of 2017. Though recent signs of inflation have offered headline writers a change of pace, markets expect Yellen to not overreact to these data, and keep rates as is.

Fed funds futures markets are placing a 96% chance on the Fed keeping rates as is today, and a majority see only 2 rate hikes this year. We live in a low-growth, low-inflation world. Central bankers will respond accordingly.

Exxon writes down more than $2 billion in oil assets: America's largest oil company told investors Tuesday that it's proved oil reserves were worth more than $2 billion less than previously thought. While representing 0.6% of the firm's overall assets, the reduction reduces Exxon's proved oil reserves by 8%. That's a testament not only to the persistence of low oil prices, but also the declining cost of renewable energies in recent years.

Caterpillar moving to Chicago: The Global construction-equipment manufacturer is moving its headquarters from Peoria, Illinois to the Chicago area. The news illustrates the corporate need locate themselves—and their jobs—in just a handful of populous metro areas because that's where it's easiest to attract talent and provide easy access to global travel hubs.

Go deeper

History's largest lockdown leaves Indian workers stranded, afraid

A migrant worker on the move with his child, in Gurugram, India. Photo: Parveen Kumar/Hindustan Times via Getty

Few moments better capture the world into which we've slipped than the decision of one man to order 1.4 billion into lockdown.

Why it matters: India’s three-week lockdown is the largest ever attempted, and it sparked South Asia's greatest migration since partition in 1947. While the economic effects could be devastating, the public health crisis it's intended to fend off could be more destructive still.

Go deeperArrow27 mins ago - World

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 782,319 — Total deaths: 37,582 — Total recoveries: 164,565.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 5 p.m. ET: 161,807 — Total deaths: 2,953 — Total recoveries: 5,595.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

First U.S. service member dies from coronavirus

Photo: Yasin Ozturk/Anadolu Agency/Getty Images.

The Pentagon on Monday announced the death of a member of the New Jersey National Guard who tested positive for the coronavirus.

Why it matters: It's the first U.S. service member — active, reserve or Guard — to die from the virus, according to the Pentagon. The guardsman passed away on Saturday after being hospitalized for the novel coronavirus on March 21.