A monitor on the NYSE floor displays Federal Reserve chairman Jerome Powell. Photo: Drew Angerer/Getty Images

Central bank guidance is increasingly falling on deaf ears in the market as more investors position for looser monetary policy no matter what policymakers say. And as the year has progressed, central banks all over the world have moved towards those dovish expectations.

Why it matters: The idea behind forward guidance is it allows central banks to influence market expectations without taking action. But the market has lost faith in the forward guidance of the Fed, European Central Bank, Bank of Japan and central banks from Mexico to Sweden.

  • This is a major problem given that credibility is a foundational bedrock of central banks' ability to execute their primary function — maintaining price stability.

What to watch: Not a single major central bank has raised interest rates so far this year and the Reserve Banks of India and New Zealand have cut rates by 25 basis points, notes Capital Economics Head of Global Economics Service Jennifer McKeown.

  • "We still believe that central banks in the advanced economies will need to do more than make pledges if they are to stand any chance of reinvigorating their economies and hitting their inflation targets."

Go deeper: The Fed is sounding the alarm on leveraged loans

Go deeper

Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 30,782,337 — Total deaths: 957,037— Total recoveries: 21,032,539Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,764,962 — Total deaths: 199,258 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19.
  5. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.

The positions of key GOP senators on replacing Ruth Bader Ginsburg

Senate Majority Leader Mitch McConnell talks to reporters on Capitol Hill last Thursday. Photo: Chip Somodevilla/Getty Images

With President Trump planning to nominate his third Supreme Court justice nominee by next week, key Republican senators are indicating their stance on replacing the late Justice Ruth Bader Ginsburg just over six weeks out from Election Day.

The big picture: Senate Majority Leader Mitch McConnell (Ky.) has vowed that "Trump’s nominee will receive a vote on the floor of the United States Senate." But Sen. Lisa Murkowski (Alaska) told Alaska Public Media, "I would not vote to confirm a Supreme Court nominee. We are 50 some days away from an election."

Updated 3 hours ago - Politics & Policy

ActBlue collects a record $91 million in hours after Ginsburg's death

A makeshift memorial in honor of Justice Ruth Bader Ginsburg in front of the U.S. Supreme Court on Sept. 19. Photo: Samuel Corum/Getty Images

ActBlue received a record $91.4 million in the 28 hours following Supreme Court Justice Ruth Bader Ginsburg's death, the Democratic donation-processing site confirmed to Axios late Saturday.

Why it matters via the New York Times: "The unprecedented outpouring shows the power of a looming Supreme Court confirmation fight to motivate Democratic donors."