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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Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.