Cliff Owen/AP

The Federal Reserve will raise the rate at which banks borrow 0.25% to 1.125%, the fourth such increase since December of 2015. The move was announced Wednesday following the Fed's June meeting, and suggests Fed Chair Janet Yellen thinks the steadily falling unemployment rate will soon spark faster wage growth and overall price increases.

Not so fast: The board's statement was more cautious than the one it issued in March — reflecting the fact that core inflation growth has fallen for three straight months, a trend Ian Shepherdson of Pantheon Macroeconomics calls "alarming, but not definitive." In other words, the Fed is currently sticking to its belief that inflation is going to accelerate this year — and that they must raise rates to head it off — but incoming data could cause it to abandon that view before July's meeting.

What it means for workers: The Fed thinks the U.S. economy is at full employment, and that significant further declines in the unemployment rate could spark a dangerous inflationary cycle. The concern is that low joblessness forces employers to pay higher wages, which then ups prices for products and services throughout the economy.

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Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.