Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Expand chart
Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

The Fed's balance sheet rose to $7.1 trillion as of this week, having now committed a record $2.2 trillion in quantitative easing purchases since chair Jerome Powell's pledge to buy unlimited Treasury bonds and mortgage-backed securities in March.

Watch this space: The massive increase comes despite the fact that many of the central bank's special purpose vehicles set up to buy corporate bonds and loan to businesses are not yet operational.

Details: The Fed's Secondary Market Corporate Credit Facility has so far purchased only investment grade bond ETFs, with holdings rising to $3 billion this week from $1.8 billion last week.

  • The Commercial Paper Funding Facility usage rose to $4.3 billion from $4 billion.

What's next: Goldman Sachs analysts expect the Fed to soon move to "a steady pace" of roughly $80 billion to $120 billion of Treasuries and $25 billion to $35 billion of MBS purchases per month, as well as instituting yield curve control for shorted-dated Treasuries.

Go deeper: The Fed's coronavirus response could have unintended results

Editor’s note: This piece was corrected to show that the Fed bought $3 billion in the Secondary Market Corporate Credit Facility (not $35 billion) and that Commercial Paper Funding Facility usage rose to $4.3 billion (not $13 billion). The $35 billion number earlier quoted from TD Securities reflects the Treasury Department’s investment in the facilities, rather than the Fed's purchases, according to a Federal Reserve spokesman.

Go deeper

Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

The bond market's tug of war

Investors bought the dip in U.S. Treasuries on Monday following a significant move higher in yields on longer-dated maturities after the Fed's Jackson Hole symposium last week. Investors especially bought the 30-year bond, which saw yields rise to the highest level since mid-June on Friday.

Why it matters: A tug of war is developing in the bond market as inflation expectations are rising thanks to unprecedented central bank and government stimulus measures globally.

Dan Primack, author of Pro Rata
Sep 1, 2020 - Economy & Business

TPG seeks $8 billion sale for cable conglomerate Astound

Illustration: Rebecca Zisser/Axios

TPG is seeking a buyer for Astound, a U.S. cable conglomerate that includes RCN, Grande Communications, and Wave Broadband, per Reuters. A deal could fetch more than $8 billion.

Why it matters: The move reflects how many cable operators are thriving in spite of cord-cutters, as work-from-home and streaming video consumers demand faster broadband.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.