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Charles Krupa/AP

The Federal Reserve concluded its first meeting of the Trump era Wednesday, announcing its decision to keep short term interest rates unchanged at between 0.5% and 0.75%.

Why it matters: The fed funds rate is Fed Chair Janet Yellen's primary tool for achieving its goals of low unemployment and inflation. With the unemployment rate below historical averages, and inflation creeping closer to the central bank's 2% goal, the Fed will most likely raise rates more than twice in 2017, which would make it the first year of multiple hikes since the recession.

What's next: The fed funds futures market is placing at 37.1% chance on Yellen raising rates at the next meeting in March. The Fed gave no indication of when the next hike may be, so pay attention to the data, like Friday's jobs report. If job growth is strong, the chances of a hike at the next meeting in March will increase.

Go deeper

Erica Pandey, author of @Work
1 hour ago - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.

Trump gives Biden access to presidential intelligence briefings

Photo: Mark Makela/Getty Images

The Trump White House on Tuesday gave President-elect Biden access to daily presidential intelligence briefings, a source familiar with the matter tells Axios.

Why it matters: Trump has refused to share the briefs until now, as he continues to challenge the result of the election and declines to concede. The president's acquiescence comes as another sign that the transition to a Biden administration is taking place.

AOC and Ilhan Omar want to block Biden’s former chief of staff

Reps. Ilhan Omar and Alexandria Ocasio-Cortez. Photo: Brendan Smialowski/Getty Images

Reps. Alexandria Ocasio-Cortez and Ilhan Omar are boosting a petition against Joe Biden nominating his former chief of staff to a new role in his administration, calling Bruce Reed a "deficit hawk” and criticizing his past support for Social Security and Medicare cuts.

Why it matters: Progressives are mounting their pressure campaign after the president-elect did not include any of their favored candidates in his first slate of Cabinet nominees, and they are serious about installing some of their allies, blocking anyone who doesn't pass their smell test — and making noise if they are not heard.

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