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: Annelise Capossela/Axios
Illustration: Eniola Odetunde/Axios
Online retail and e-commerce have been chipping away at brick-and-mortar businesses over the years but the combination of the coronavirus pandemic and the 2020 holiday season may prove to be a knockout blow.
State of play: Anxious consumers say financial concerns and health worries will push them to spend less money this year and to do more of their limited spending online.
California Gov. Gavin Newsom. Photo: Justin Sullivan/Getty Images
California will "independently review" all coronavirus vaccines approved by the Food and Drug Administration before allowing their distribution, Gov. Gavin Newsom (D) announced at a news conference Monday.
Why it matters: The move that comes days after NAID director Anthony Fauci said he had "strong confidence" in FDA-approved vaccines could cast further public doubt that the federal government could release a vaccine based on political motives, rather than safety and efficacy.