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!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

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!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

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!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

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!
Data: S&P Capital IQ; Chart: Will Chase/Axios

Gold is back in vogue. After a selloff at the start of the year, prices have bounced 10% in less than two months.

Why it matters: Gold is often seen as an inflation hedge, so its rebound signals growing concerns about whether the current round of inflation is transitory, as the Fed says it will be. Gold is also a safe haven asset for investors who want to rotate out of riskier plays.

Reality check: Economic data surprises this last month have helped support a return to gold.

  • The huge miss on April jobs numbers, combined with a greater than expected uptick in the Consumer Price Index, have taken the shine off expectations for a smooth-sailing recovery.

On the flip side: Six months ago, with vaccines on the rise and serious inflation concerns in their infancy, "there was no reason to be in a safe haven trade like gold," Ed Moya, senior market analyst at OANDA, a trading services provider, tells Axios.

Also, bitcoin: "Institutional investors appear to be shifting away from bitcoin and back into traditional gold, reversing the trend of the previous two quarters," JPMorgan analysts wrote in a research note this week.

  • "It is not clear what is driving this shift," they note, adding that investors may be seeking stability in the midst of the rapid losses in the crypto market.

Other factors at play include a weaker dollar, which is typically good for gold since it enhances gold's relative purchasing power. The dollar has turned lower against most major currencies in recent weeks, Axios' Dion Rabouin recently reported.

  • Gold demand from China is also reportedly surging, as the Chinese government has given the go-ahead for banks to stock up on the precious metal, Reuters reported last month.

What to watch: A taper tantrum?

  • "When the punchbowl gets smaller, it's risk-off for equities," says Moya. "That's when you'll probably see investors become a little more skittish on stocks, and continue to go into gold."

Go deeper: Central bank taper timelines start to come into focus

Go deeper

Central bank taper timelines start to come into focus

Illustration: Sarah Grillo/Axios

Central banks around the globe are beginning to eye the exit ramp.

Why it matters: As parts of the world are starting to rebound from the depth of the pandemic, investors are sketching out timetables for when central banks will pull back on those pandemic-era emergency programs that have helped ignite a financial asset boom.

Study: Cost of carbon emissions measured in lives lost is high

Data: Our World in Data; Chart: Axios Visuals

Adding projected heat-related deaths into cost-benefit analysis of federal rules would tilt policymaking in favor of more aggressive carbon emissions cuts, a new study finds.

Why it matters: The social cost of carbon helps determine the outcome of cost-benefit analyses that underpin federal regulations. Adding in global warming's potential to cause more heat-related fatalities would tilt the policy calculus from supporting a gradual phaseout of emissions starting in 2050, to fully decarbonizing by the same year.

Updated 2 hours ago - Sports

In photos: Tokyo Olympics day 6 highlights

An underwater view of swimmers including Team USA's Caeleb Dressel (R) in the final of the Olympic Tokyo Games men's 100m freestyle on July 29. Photo: François-Xavier Marit/AFP via Getty Images

There's been plenty of Olympics drama on day six of the Tokyo Games Thursday — notably China's women's swimming team beating the U.S. and Australia in the record-setting 4x200-meter freestyle relay.

The big picture: Katie Ledecky helped the U.S. win silver, which also beat the previous world record smashed by China's team. Team USA grabbed two more swimming gold medals, when Caeleb Dressel won the men's 100m freestyle and Bobby Finke triumphed in the first men's Olympic 800m freestyle.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!