Jim Lo Scalzo / AP

Market reaction to Trump speech: A big shrug, as Trump didn't touch details on issues like tax reform that are of most concern to investors.

Target's loss is America's gain: Target stock fell more than 12% on Tuesday. Plans for turning the company around include a $7 billion investment in store renovation and opening new small-format stores in dense urban areas. Investors are skeptical that Target's investments can lure customers back into the stores, given the secular trend toward online shopping. But for the broader economy, Target's decision to invest capital rather than returning it to shareholders is a great sign.

Higher interest rates: Futures traders are now betting that the Fed will raise interest rates at its next meeting in two weeks, but former Fed economist and Chief Market Strategist and Macro Insight Group Shehriyar Antia says the market is getting ahead of itself. He suggests watching today's release of personal consumption expenditures statistics at 8:30 this morning. Economists expect inflation to rise to 1.7%, below the the Fed's 2% target. A big beat could move up the date of the next increase, but otherwise May or June is a better bet.

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The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

56 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.