Mar 22, 2017

Dollar tumbles, reversing post-election gains

Franziska Kraufmann/AP

The U.S. dollar has fallen close to 2% over the past week, capping a series of losses that has nearly wiped out the gains made since November. The dollar surged in value following the election, on the theory that promised stimulus spending would speed U.S. growth and force the Federal Reserve to raise interest rates at a faster pace to keep a lid on inflation. Here's why it's reversing course:

  • Divisions in the Republican Party are becoming more visible, and make it less likely that tax cuts and infrastructure spending will be delivered quickly, or at all.
  • The Federal Reserve recently raised interest rates, but comments from Fed officials have signalled that the pace of rate hikes won't increase soon.
  • The economies of Japan and Europe are faring better than just a few months ago, while European officials have suggested that the European Central Bank could raise rates too.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 1,595,350 — Total deaths: 95,455 — Total recoveries: 353,975Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 461,437 — Total deaths: 16,478 — Total recoveries: 25,410Map.
  3. Public health latest: U.S. has expelled thousands of migrants under a CDC public health orderDr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  4. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — After another 6.6 million jobless claims, here's how to understand the scale of American job decimation.
  5. States latest: FEMA has asked governors to decide if they want testing sites to be under state or federal control.
  6. World latest: Lockdowns have led to a decline in murders in some of the world's most violent countries — Boris Johnson is moved out of the ICU but remains in hospital with coronavirus.
  7. In Congress: Senate in stalemate over additional funding for small business relief program.
  8. 1 SNL thing: "Saturday Night Live" will return to the air this weekend with a remotely produced episode.
  9. What should I do? Hydroxychloroquine questions answeredPets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Federal court temporarily blocks coronavirus order against some abortions

Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images

A federal judge ruled Thursday that clinics in Texas can immediately offer medication abortions — a pregnancy termination method administered by pill — and can also provide the procedure to patients nearing the state's time limits for abortions.

Driving the news: The decision comes after federal appeals court ruled 2-1 on Tuesday in favor of an executive order by Republican Gov. Greg Abbott that prohibits abortions during the coronavirus outbreak.

Go deeperArrowUpdated 2 hours ago - Politics & Policy

The view from the other side of the coronavirus peak

We'll soon be crowding into cafes it's 1954 in Rapallo, Italy. Photo: LIFE Picture Collection via Getty

Europeans and Americans are desperate to move beyond the worst of the crisis and return to something approximating normality, but the World Health Organization is cautioning that moving too fast will undermine the sacrifices made so far.

Where things stand: Nearly every country on Earth is still seeing their caseload increase, and a recent uptick in Singapore shows that apparent victory over the virus can be fleeting. But several countries are providing reason for optimism.

Go deeperArrow2 hours ago - World