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Jerome Powell. Photo: Pool/Getty Images

Federal Reserve Chairman Jay Powell holds his final news conference of the year Wednesday — and Congress may get an earful.

What we’re hearing: Powell is likely to plead with Congress to pass more fiscal support for an economy riven by a global pandemic, and to suggest there are limits to what the Fed can do with monetary policy.

Reader tip: Play around with the Atlantic Council's new interactive feature, and compare the Fed's balance sheet (33% of GDP) to the Bank of Japan's (129% of GDP) to see how other central banks have responded to the challenges wrought by the coronavirus.

Go deeper

Off the Rails

Descent into madness

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

Job gains slow sharply as U.S. adds 210k jobs in November

Photo: Joe Raedle/Getty Images

The U.S. economy added 210,000 jobs in November, while the unemployment rate plummeted to 4.2% from 4.6%.

Why it matters: Job gains slowed sharply, but the labor market recovery remains on track.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.