Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. 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!

Denver news in your inbox

Catch up on 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!

Des Moines news in your inbox

Catch up on 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!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

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!

Inspector General Horowitz. Photo: Michael Brochstein/Echoes Wire/Barcroft Media via Getty Images

The Foreign Intelligence Surveillance Court accused the FBI Tuesday of misleading it in its applications for the surveillance of former Trump campaign adviser Carter Page, and ordered the bureau to explain by Jan. 10 what it plans to do to ensure such abuses do not take place again.

Why it matters: It's a rare public rebuke by a court that has traditionally been veiled in secrecy, underscoring the seriousness of the misconduct uncovered by Justice Department Inspector General Michael Horowitz.

What they're saying:

"The frequency with which representations made by F.B.I. personnel turned out to be unsupported or contradicted by information in their possession, and with which they withheld information detrimental to their case, calls into question whether information contained in other F.B.I. applications is reliable.”
— Judge Rosemary Collyer

The big picture: Inspector General Michael Horowitz debunked President Trump's claims that the Russia investigation was politically motivated, but he did find that there were 17 errors and omissions in Page's surveillance applications. That included the altering of an email by an FBI lawyer that might have provided exculpatory information.

  • Senate Judiciary Chair Lindsey Graham asked the FISA court last week in a hearing on Horowitz's report to take "corrective action, that will give us some confidence that [the Court] should stick around."
  • FBI Director Christopher Wray accepted Horowtiz's findings in a statement and said he is ordering "concrete changes" to ensure the process is "more stringent and less susceptible to mistake or inaccuracy.”
  • Former FBI Director James Comey also defended the bureau in light of the report, but admitted on the FISA findings: "I was wrong."

What to watch: Horowitz is currently auditing another FISA application, unrelated to the one in question, to determine if there is a broader issue at play about how the FBI is portraying suspects when seeking to wiretap them.

Go deeper: How FISA works

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.