Economy & Business

Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

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U.S. regulator warns against Peloton treadmill after child death

A Peloton treadmill for sale at the company's showroom in Dedham, Massachusetts. Photo: Adam Glanzman/Bloomberg via Getty Images

The U.S. Consumer Product Safety Commission on Saturday urged people with kids and pets to "immediately" stop using a treadmill made by Peloton after a child died and dozens of others were injured.

Driving the news: CPSC said in its "urgent warning" that it was aware of 39 incidents, including one death. The agency warned that the Peloton Tread+ machine "poses serious risks to children for abrasions, fractures, and death." Peloton called the warning "inaccurate and misleading."

Decentralize everything (in finance)

Illustration: Aïda Amer/Axios

While exchanges like Coinbase and FTX are amassing huge success, another crypto industry phenomenon that’s flourishing is “DeFi,” short for “decentralized finance.”

What's happening: A crop of protocols that let participants execute various transactions directly with each other through the networks instead of using intermediaries has been exploding in popularity.

New report shows lack of diversity at regional Fed banks

Illustration: Aïda Amer/Axios

The Federal Reserve's "overwhelmingly white, overwhelmingly male" problem goes beyond its top ranks to the boards that run its 12 regional banks, according to a new report by the Brookings Institution.

Why it matters: There's long been a lack of diversity among those that help pick the policymakers that make crucial decisions about economic policy that's only recently started to improve.

Crypto derivative exchanges are the next frontier

Illustration: Rae Cook/Axios

Coinbase got the headlines this week for going public, but another crypto category is also booming: derivatives exchanges.

Why it matters: These exchanges are taking crypto investor appetite for speculation to the next level, enabling bets on a range of events and assets — even Coinbase’s own IPO, months before the actual float.

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