Chicago mayoral candidate Lori Lightfoot. Photo: Scott Olson/Getty Images

Lori Lightfoot, a former federal prosecutor, was elected Tuesday night as Chicago's first openly gay and black woman mayor.

Details: With 51% of the vote counted, the AP called the race for Lightfoot. Lightfoot — who identifies as a lesbian — will be Chicago’s first woman of color to serve as the city's top elected official. She defeated Cook County Board President Toni Preckwinkle, who is also black, during a runoff.

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The Fed transforms itself to direct the economy

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.

21 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.