Illustration: Eniola Odetunde/Axios

The Fed released its latest beige book on Wednesday and the biggest takeaway was that despite the excitement for the phase one trade deal, "tariffs and trade uncertainty continued to weigh on some businesses."

What it means: The beige book gathers anecdotal responses from businesses around the country to get an idea of how the economy is doing.

  • "In short, any positive burst in sentiment resulting from the accord signed [yesterday] has either not materialized, or is still to come," BMO Capital Markets rates strategist Jon Hill wrote in a note to clients.

What they're saying: “Several [businesses] increased prices of final goods but struggled with low profit margins due to tariffs on raw materials,” the report said.

  • Manufacturing activity was "essentially flat," and the report contained a number of what Hill described as "ominous details."
  • Hiring is slowing significantly, and there are some reports of declining prices.
  • Some manufacturing companies even reported job cuts.

Yes, but: The expectation of the trade deal did spur some hope. The Chicago Fed district said it had “boosted farmers’ outlooks” while the Dallas Fed said “outlooks generally improved, with reduced trade uncertainty boosting optimism.”

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Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
Updated 7 mins ago - Health

13 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

13 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Kansas, Montana, North Dakota and Wyoming surpassed records from the previous week.

The big picture: The pandemic is getting worse again across the country, and daily coronavirus cases have risen in the U.S. for six straight weeks, according to a seven-day average tracked by Axios.

Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

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