Janet Yellen and company are cautiously optimistic that the U.S. economy has turned a corner, according to minutes of its December meeting.

The minutes showed that the bank stands ready to raise rates again soon if necessary.

But that could change: If Trump and the Republican Congress decide to pass deficit-financed tax cuts or infrastructure spending, which Fed economists agreed would boost economic growth, inflation could rise as well. That could hasten the expected 3 rate hikes expected to come this year—a cautious pace historically.

Our take: The markets may hang on Janet Yellen's every word, but the Fed chair is waiting for President Trump to make the first move. The minutes showed that Fed officials see the run up in the stock market, the dollar, and interest rates since the presidential election as linked "to expectations for more expansionary fiscal policies in coming years or to possible reductions in corporate tax rates."

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Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 34,018,143 — Total deaths: 1,014,995 — Total recoveries: 23,674,533Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 7,234,327 — Total deaths: 206,963 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Health: New poll shows alarming coronavirus vaccine skepticism — New research centers will study "long-haul" COVID — Coronavirus infections rise in 25 states.
  4. Business: Remdesivir is good business for Gilead.
  5. Retail: The holiday shopping season will now begin in October.
  6. 🎧Podcast: The looming second wave of airline layoffs.
Kendall Baker, author of Sports
31 mins ago - Sports

Barstool jumps into sports betting

Illustration: Eniola Odetunde/Axios

Barstool Sports was founded in 2003 as a free gambling newspaper. It later became a sports blog before growing into a media empire, and now things have come full circle with the recent launch of its own branded sportsbook.

Driving the news: The Barstool Sportsbook app saw a record 21,000 downloads per day during its first weekend (Sept. 18–20), breaking DraftKings' and Fanduel's daily records despite Pennsylvania being the only state where it was operational.

Former Afghanistan commander Stanley McChrystal endorses Joe Biden

Ret. Gen. Stanley McChrystal endorsed former Vice President Joe Biden for president on MSNBC Thursday.

Why it matters: McChrystal came under fire in 2010 during the Obama administration after a Rolling Stone article quoted him as mocking some top civilian officials — including Biden. The general apologized to Biden but was ultimately pushed to resign.