Data: Federal Reserve; Chart: Axios Visuals

Some market analysts and economists have gotten wary of the Fed's expanding laundry list of asset purchases.

Why it matters: The big worry for most is that the Fed is now manipulating larger and larger swaths of what is supposed to be a free market.

  • Just as investors reap gains in good times when the economy is strong, they are supposed to suffer losses when it weakens, and the Fed is artificially keeping that from happening.

What they're saying: "The Fed has redefined moral hazard by acceding its independence to the Treasury Department with the establishment of the Special Purpose Vehicle to purchase corporate bonds which is in direct violation of the Federal Reserve Act," Danielle DiMartino Booth, CEO of Quill Intelligence and a former adviser to the Dallas Fed, tells Axios in an email.

  • "Investors are wise to the Fed having crossed this red line ... and are acting under the auspices of the Fed continuing to expand the array of assets that qualify, down to junk bonds and eventually stocks. Investors are playing a timing game, shunning toxic paper they deem won’t survive to see the light of Fed purchases."

What's next: Having broken through a barrier by purchasing corporate bonds and even dipping into speculative-grade junk bonds and bonds owned by private equity companies, the Fed has been "pushing the envelope," Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, tells Axios.

  • "At this point, I wouldn’t say the Fed buying anything would be off the table."

Go deeper: Fed unveils aggressive measures to shore up economy

Go deeper

Updated 5 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.

Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,456,016 — Total deaths: 745,600— Total recoveries: 12,663,206Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,190,948 — Total deaths: 165,883 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin told her White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America's two-sided COVID-19 response America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.