Feb 22, 2017

Fed: Businesses are investing more due to planned GOP policies

Andrew Harnik / AP

The Federal Reserve released the minutes of its most recent meeting, and one of the more interesting details was what FOMC members reported they were hearing from business leaders in their districts:

" [Committee members said their] business contacts attributed the [recent] improvement in business sentiment to the expectation that firms would benefit from possible changes in federal spending, tax, and regulatory policies. A few participants indicated that some of their contacts had already increased their planned capital expenditures."

Why it matters: At least some business leaders, and stock market investors in general, are assuming that business-friendly policies like corporate tax cuts and infrastructure spending will soon be enacted. According to the minutes, however, most Fed economists think it prudent to wait until we actually see what the GOP Congress and President Trump can agree on before adjusting their economic forecasts.

The Fed didn't suggest any change to its forecast of "gradual" rate increases, which is expected to mean 2 or 3 hikes this year.

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 905,279 — Total deaths: 45,371 — Total recoveries: 190,710Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 199,092 — Total deaths: 4,361 — Total recoveries: 8,362Map.
  3. Federal government latest: Vice President Mike Pence said that White House modeling suggests "Italy may be the most comparable area to the United States" in terms of coronavirus impact.
  4. State updates: Florida and Pennsylvania are the latest to issue stay-at-home orders, totaling 34 states and Washington, D.C.
  5. 2020 update: West Virginia is latest state to delay its primary — Bernie Sanders urged Wisconsin to delay April 7 primary.
  6.  🎧 Podcast: The Defense Production Act
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

West Virginia is latest state to delay primary due to coronavirus

Photo: Barbara Davidson/Getty Images

West Virginia Gov. Jim Justice rescheduled the state's May 12 primary election to June 9 on Wednesday, citing fears surrounding the coronavirus pandemic, AP reports.

Why it matters: 23 other states and the District of Columbia haven't held primaries yet. The White House is recommending, for now, that Americans practice social distancing and gather in groups of no more than 10 people — while many states have issued stay-at-home orders.

Go deeperArrowUpdated 1 hour ago - Politics & Policy

Florida governor issues stay-at-home order

Photo: Joe Raedle/Getty Images

Florida Gov. Ron DeSantis ordered a statewide stay-at-home order on Wednesday after the number of coronavirus cases in the state rose to nearly 7,000.

Why it matters: DeSantis has been criticized for declining to order any statewide mandates to curb the spread of the coronavirus even as Florida — home to a significant elderly population — was increasingly becoming a hotspot. The order will go into effect Thursday at midnight and last for 30 days.