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.

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Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
10 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.