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

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Coronavirus cases rise in 33 states

Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise, Naema Ahmed, Danielle Alberti/Axios

The coronavirus pandemic keeps getting worse, all across the country. Thirty-three states saw their caseloads increase this week, continuing a scary nationwide trend that’s been getting worse since mid-June.

Why it matters: The U.S. is right back in the situation we were afraid of earlier this year, with a rapidly spreading outbreak, strained hospitals, and projections of more than 200,000 deaths by the end of the year.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 12,009,301 — Total deaths: 548,799 — Total recoveries — 6,561,969Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 3,053,328 — Total deaths: 132,256 — Total recoveries: 953,420 — Total tested: 37,532,612Map.
  3. Public health: Houston mayor cancels Republican convention over coronavirus concerns Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.

Transcripts show George Floyd told police "I can't breathe" over 20 times

Photo: Gary Coronado/Los Angeles Times via Getty Images

Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.