Provided the Fed doesn't raise interest rates again this year, as expected, they will be paying $46 billion in interest payments on bank's reserve balances.
The big picture: The reserve payments are a major part of the way the Fed sets U.S. overnight interest rates, and the payments have grown as the Fed has started to raise interest rates above zero.
Go deeper: The New York Fed's "Federal Funds and Interest on Reserves"
Illustration: Eniola Odetunde/Axios
Thanks to companies like AngelList and Carta that make it easier than ever to set up small VC funds, a new generation of so-called “super angels” is cropping up — and established venture funds are backing them.
Why it matters: Just like the boom in scout programs a number of years ago, it’s all about the deal flow.
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Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."
Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.
Illustration: Sarah Grillo/Axios
The Fed looks to be laying the groundwork to lower U.S. interest rates this year, just as they did in April 2019 before cutting rates in July, September and October.
Why it matters: A Fed rate cut makes taking on debt more attractive for U.S. consumers and businesses, helping to juice the economy, but also puts the central bank in a weaker position to fight off a potential recession.