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Illustration: Aïda Amer/Axios

The Federal Reserve waded unambiguously into the conversation about climate change this week, as the San Francisco Fed produced a report detailing the potential financial, economic and monetary policy implications of global warming.

Why it matters: In addition to the effects climate change has on businesses, such as "infrastructure damage, agricultural losses and commodity price spikes caused by droughts, floods, and hurricanes," Glenn Rudebusch, a senior policy adviser and executive vice president at the San Francisco Fed, argues climate change is becoming increasingly relevant for monetary policy.

  • "Climate-related financial risks could affect the economy through elevated credit spreads, greater precautionary saving, and, in the extreme, a financial crisis."
  • "With regard to financial stability, many central banks have acknowledged the importance of accounting for the increasing financial risks from climate change .... These risks include potential loan losses at banks resulting from the business interruptions and bankruptcies caused by storms, droughts, wildfires, and other extreme events."

Why you'll hear about this again: Earlier this year, all 4 of the still-living former Fed chairs joined nearly 30 Nobel economists and all but 1 former chair of the White House's Council of Economic Advisers in signing a statement of support for a carbon-tax policy — one that has been gaining support from Big Oil companies, environmental groups and others across the political spectrum.

  • But this week's paper was the first clear indication in an official Fed release that the central bank is watching and preparing for the potential of major financial disruptions from climate change.

Our thought bubble, from Axios Science Editor Andrew Freedman: A key trend in the scientific literature during the past few years has been the increased recognition that global warming constitutes a major economic threat nationally and worldwide. Climate impacts are already costing nations billions in the form of extreme weather events and coastal adaptation costs for sea level rise, and these will rise more steeply in coming years.

The bottom line: "For the Fed, the volatility induced by climate change and the efforts to adapt to new conditions and to limit or mitigate climate change are also increasingly relevant considerations," Rudebusch writes. "Moreover, economists, including those at central banks, can contribute much more to the research on climate change hazards and the appropriate response of central banks."

Go deeper: Where the alarming economic damage stat in last year's climate report came from

Go deeper

State Department partners with aid group welcoming Afghan refugees to U.S.

Secretary of State Antony Blinken speaking in Washington, D.C., on Sept. 14. Photo: Mandel Ngan/POOL/AFP via Getty Images

Secretary of State Antony Blinken announced Thursday that the State Department is partnering with Welcome.US, an aid group helping to welcome and support Afghan refugees who fled their country for the U.S.

Why it matters: The partnership is part of the Biden administration's Operation Allies Welcome, which involves the processing and resettlement of the more than 65,000 Afghans evacuated during the U.S. military withdrawal from Afghanistan.

Workout economy hangs fate on celeb trainers

Illustration: Annelise Capossela/Axios

At-home workout companies are turning fitness instructors into stars.

What's new: Tonal, which makes a wall-mounted, strength training device, said its machines will start streaming live classes in October. 

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

An inside look at Intuit's Mailchimp acquisition

Illustration: Aïda Amer/Axios

When Mailchimp recently agreed to be acquired by Intuit for $12 billion, we noted how it was the richest sale ever of a private bootstrapped company. Now we know more about why the Atlanta-based email marketing company never took outside funding.

The big picture: Mailchimp founder and CEO Ben Chestnut tells Axios that it was all about timing.