Sep 6, 2019

Fed chair upbeat on U.S. economy, but still hints at rate cut

Fed chairman Jerome Powell at a news conference in July. Photo: Andrew Caballero-Reynolds via AFP

Speaking on a panel in Zurich on Friday, Federal Reserve chairman Jerome Powell remained optimistic about the state of the U.S. economy — including the labor market, despite the morning's softer-than-expected jobs numbers. Still, he hinted that another interest rate cut could be coming later this month.

Why it matters: Powell said the Fed is not "forecasting or expecting a recession," but noted there are significant risks, including slowing global growth and uncertainty around trade policy which is "causing companies to hold back on business investment decisions." Powell also said that lowering "the expected path of interest rates" has also supported the U.S. economic outlook.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 5,653,821 — Total deaths: 353,414 — Total recoveries — 2,325,989 — Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 1,694,599 — Total deaths: 100,047 — Total recoveries: 384,902 — Total tested: 14,907,041 — Map.
  3. Public health: Fauci says data is "really quite evident" against hydroxychloroquine — Nearly half of Americans say someone in their household has delayed medical care.
  4. Business: African American business owners have seen less relief from PPP, Goldman Sachs says — Disney plans phased reopening on July 11 — Author Ann Patchett says bookstores are innovating to stay connected with customers.
  5. Tech: AI will help in the pandemic — but it might not be in time for this one.
  6. 1 🎶 thing: Local music venues get rocked by coronavirus.
  7. 🎧 Podcast: Trump vs. Twitter ... vs. Trump.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 19 mins ago - Politics & Policy

Trump administration to eliminate nuclear waivers tied to Iran deal

Pompeo testifies on Iran in February. Photo: Mark Wilson/Getty Images

The U.S. is ending waivers that had allowed foreign companies to work at Iran's civilian nuclear facilities, Secretary of State Mike Pompeo announced on Wednesday.

Why it matters: This will eliminate most elements of U.S. sanctions relief still in place two years after President Trump withdrew from the 2015 Iran nuclear deal. Pompeo said "continued nuclear escalation" made the move necessary, but critics warn it will encourage further Iranian enrichment.

Go deeper (1 min. read)Arrow19 mins ago - World

Top Senate Democrat says State Dept. is working on new Saudi arms deal

Secretary of State Mike Pompeo briefs reporters on May 20. Photo: Nicholas Kamm/pool/AFP via Getty Images

Senate Foreign Relations ranking member Bob Menendez (D-N.J.) wrote in a CNN op-ed on Wednesday that he learned that the State Department is currently working to sell thousands of additional precision-guided bombs to Saudi Arabia.

Why it matters: Democrats say that Steve Linick, the State Department inspector general who was ousted on Secretary of State Mike Pompeo's recommendation, was investigating the administration's previous effort to sell weapons to Saudi Arabia without congressional approval.

Go deeper (1 min. read)Arrow27 mins ago - Politics & Policy