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With the Fed universally expected to cut U.S. interest rates this month, central banks around the globe are doing the same, and an increasing number of policymakers aren't even waiting for Powell to make the announcement.

Why it matters: The central banks represent 3 of the world's largest emerging market countries and their actions send a clear signal that even with global debt rising to new highs, especially in EM, policymakers are prioritizing easy money and stimulus.

  • The expected cuts follow lower rates in India and a host of other emerging countries that have cut rates in recent weeks.
  • Australia and New Zealand also made recent rate cuts, and markets already have priced in lower rates from the ECB, meaning the overwhelming majority of the world has or is expected to cut rates soon.

What's happening: Analysts expect the South African Reserve Bank, Bank of Korea and Bank Indonesia to lower rates at their respective policy meetings on Thursday.

Why you'll hear about this again: The Fed's rate cuts were expected to help weaken the dollar, which President Trump and U.S. businesses have complained about since 2018. However, with central banks around the globe following suit, the dollar could continue its outperformance, especially as uncertainty from Brexit, Japan and the U.S.-China trade war weigh on sentiment and boost the dollar's safe-haven appeal.

Go deeper: The case for a Fed rate cut

Go deeper

Ohio Gov. Mike DeWine tests negative for coronavirus after positive result

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Ohio Gov. Mike DeWine (R) tested negative for the coronavirus after initially testing positive earlier Thursday, his office announced.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

Updated 16 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 18,996,008 — Total deaths: 712,476— Total recoveries — 11,478,835Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 4,877,115 — Total deaths: 159,990 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread Study finds COVID-19 antibodies prevalent in NYC health care workers.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.

Trump issues order banning TikTok if not sold within 45 days

Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.