Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

The world's most powerful central banks made clear this week that they expect the economic damage from the coronavirus pandemic to be deep and long-lasting and they are arming themselves for war.

Why it matters: We are entering an uncharted era of central banking that will see the Fed and its peers lend money directly to businesses, take unprecedented risks and directly support tremendous portions of the global economy.

  • "There are a number of concerns but I think the attitude of central banks right now is 'Damn the torpedoes, full speed ahead,'" Kathy Jones, chief fixed-income strategist at Charles Schwab, tells Axios.

Driving the news: After announcing Wednesday that it would do whatever it takes and then some to buoy the U.S. economy, the Fed unveiled a beefed-up new version of its $600 billion Main Street Lending Program that will effectively shred parts of the 1913 Federal Reserve Act (with authorization from the Treasury Department).

  • That followed announcements from the European Central Bank and Bank of Japan in the preceding two days for massive lending and bond-buying programs that would be increased, in ECB president Christine Lagarde's words, “by as much as necessary and for as long as needed."

The big picture: Central banks were established to keep inflation in line and to use their lending powers only to purchase assets backed by their governments.

  • However, since the BOJ first began a quantitative easing program to prop up Japan's economy, central banks have been providing more and more support.
  • The world's central banks currently hold around $25 trillion of financing on their balance sheets and have committed to do everything from invest in companies with junk credit ratings to buy stocks.

The bottom line: This is not what central banks were designed to do, but in the face of this historic economic shock and in the absence of clear alternatives, it is what they are doing.

  • No one is quite sure what happens next.

Go deeper: The Fed goes to war with coronavirus

Go deeper

Updated Aug 9, 2020 - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the constitutional power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."

Updated Sep 24, 2021 - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: CDC director maintains Pfizer booster recommendation for high-risk workers — CDC director approves Pfizer boosters, adds eligibility for high-risk workers — FDA approves Pfizer boosters for high-risk individuals, people 65 and up.
  2. Health: America's mismatched COVID fears — Some experts see signs of hope as cases fall — WHO: Nearly 1 in 4 Afghan COVID hospitals shut after Taliban takeover — D.C. goes further than area counties with vaccine mandates.
  3. Politics: Bolsonaro isolating after health minister tests positive at UN summit — United Airlines says 97% of U.S. employees fully vaccinated — Mormon Church to mandate masks in temples.
  4. Education: Health care workers and teachers caught up in booster confusion — Asymptomatic Florida students exposed to COVID no longer have to quarantine — Education Department investigating Texas mask mandate ban.
  5. Variant tracker: Where different strains are spreading.
Updated Aug 10, 2020 - World

PM prepares for "COVID election" as NZ marks 100 days of no community spread

New Zealand's Prime Minister Jacinda Ardern attends the launch of the Labour Party's election campaign in Auckland on Saturday. Photo: Michael Bradley/AFP via Getty Images

AUCKLAND, New Zealand — New Zealand has now gone 100 days with no detected community spread of COVID-19, the Ministry of Health confirmed in an emailed statement Sunday.

Why It Matters: New Zealanders are going to the polls on Sept. 19. Prime Minister Jacinda Ardern has been widely praised for her leadership that saw NZ lock down hard for several weeks before all domestic restrictions were lifted in June. She sees her government's response to and recovery from the coronavirus outbreak as key to her Labour Party being re-elected.