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Sen. Cory Booker (D-N.J.), joined by Gov. Chris Christie, speaks at the announcement Mondayof Newark's bid for Amazon's new HQ. (AP's Seth Wenig)

Cities' bids are due tomorrow for the "HQ2" that Amazon plans to supplement its Seattle headquarters, with the prospect of $5 billion in investments and 50,000 jobs. Mayors from Toledo to Tulsa are brandishing bourbon, selling the sun — and making expensive promises that are uncertain to pay off.

AP talked to leaders of more than 50 cities or metropolitan regions about the different ways they're showcasing themselves, and assessed the risk/reward:

  • "The winning city would have to provide Amazon with generous tax breaks and other incentives that can erode a city's tax base. Most economists say [it's probably worth it] — that an Amazon headquarters is a rare case in which a package of at least modest enticements could repay a city over time."
  • "That's particularly true compared with other projects that often receive public financial aid, from sports stadiums to the Olympics to manufacturing plants, which generally return lesser, if any, benefits over the long run. "
  • Enrico Moretti, an economist at the University of California, Berkeley and author of "The New Geography of Jobs": "This definitely beats other deals that I have seen."
  • Why it matters: "High-tech firms like Amazon create a 'clustering effect,' Moretti's research has found, whereby a company attracts workers with specialized knowledge in, say, software and data analysis. These workers are rare in other cities but reach a critical mass in a tech hub. And higher-skilled workers are more productive when they work in proximity to each other, sharing ideas and experiences."

Go deeper

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 1 hour ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

Meadows cooperating with House Jan. 6 select committee

Mark Meadows. Photo: Yuri Gripas/Bloomberg via Getty Images

Former White House Chief of Staff Mark Meadows is cooperating with the House select committee in charge of investigating the Jan. 6 Capitol insurrection, the panel said Tuesday.

Driving the news: Meadows, who failed to appear before the panel earlier this month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.