Federal Reserve Chairman Jerome Powell. Photo: Scott Olson/Getty Images

The Federal Reserve expects unemployment to hit a 39-year low this year, falling to 3.6%, according to the Washington Post's Heather Long, and the GDP to rise by .10%.

The big picture: Due to economic prosperity, the Reserve announced it would be hiking its "benchmark short-term interest rate a quarter percentage point," and suggested that two more hikes are in the near future, CNBC reports. Axios' Dan Primack explains that interest rate hikes are often seen as a drag on economic growth, but the Fed is basically saying not to worry.

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Deadly storm Zeta pummels parts of Alabama and Florida

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Former Hurricane Zeta has killed at least one person after a downed power line electrocuted a 55-year-old in Louisiana as the storm's powerful winds and heavy rainfall moved into Alabama overnight.

What's happening: After "battering southeastern Louisiana and southern Mississippi," Zeta weakened to a tropical storm over central Alabama early on Thursday, per the National Hurricane Center.

Taiwan reaches a record 200 days with no local coronavirus cases

Catholics go through containment protocols including body-temperature measurement and hands-sanitisation before entering the Saint Christopher Parish Church, Taipei City, Taiwan, in July. Photo: Ceng Shou Yi/NurPhoto via Getty Images

Taiwan on Thursday marked no locally transmitted coronavirus cases for 200 days, as the island of 23 million people's total number of infections reported stands at 550 and the COVID-19 death toll at seven.

Why it matters: Nowhere else in the world has reached such a milestone. While COVID-19 cases surge across the U.S. and Europe, Taiwan's last locally transmitted case was on April 12. Experts credit tightly regulated travel, early border closure, "rigorous contact tracing, technology-enforced quarantine and universal mask wearing," along with the island state's previous experience with the SARS virus, per Bloomberg.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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