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"
Photo: Andrew Caballero-Reynolds/AFP via Getty Images
After two gaffes and a low blow from President Trump questioning his faith, Joe Biden spent Thursday evening off his own message — clarifying comments and responding to attacks.
Why it matters: Biden’s responses reflect what we could see a lot more of in the next few months — cringeworthy comments and Trump smears, smacking into each other and pulling the Democrat off course.
Illustration: Eniola Odetunde/Axios
The coronavirus has sent overall U.S. unemployment into the double digits — but it's a sort of full-employment act for election law attorneys.
The big picture: The prospect of extended court fights over COVID-19-related voting changes, an absentee ballot avalanche, foreign interference and contested presidential results has prompted a hire-all-the-lawyers binge by candidates and campaigns — not just in swing states but around the country.
The three biggest anti-Joe Biden storylines in right-wing media over the last year have either fizzled or are getting less online traction than they used to, according to data from NewsWhip provided exclusively to Axios.
Why it matters: This dynamic has rendered a formidable media ecosystem less effective in boosting President Trump as we move into the heart of the 2020 campaign.