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Data: Bureau of Economic Analysis, Bureau of Labor Statistics; Chart: Andrew Witherspoon/Axios

While all eyes will be on Fed Chair Jerome Powell's testimony before Congress this week, investors would be wise to keep an eye on the October CPI report for the latest on U.S. inflation.

What's happening: The Fed's favored measure of inflation, core personal consumption expenditures, has consistently fallen short of the central bank's 2% target this year, the BLS' inflation metric — the core consumer price index — has been at or above that number every month this year and solidly above 2% since July.

Why it matters: The Fed's three interest rate cuts this year have buoyed investor enthusiasm for stocks and other risky assets. If inflation begins moving meaningfully higher in the CPI report, the Fed may need to reverse course on those rate cuts to fend off inflation.

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Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 11,288,094 — Total deaths: 531,244 — Total recoveries — 6,075,489Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Protester dies after car drives through closed highway in Seattle

Protesters gather on Interstate 5 on June 23, 2020 in Seattle, Washington. Photo: David Ryder/Getty Images

One person is dead and another is in serious condition after a car drove onto a closed freeway in Seattle early Saturday and into protesters against police brutality, AP reports.

  • "Summer Taylor, 24, of Seattle died in the evening at Harborview Medical Center, spokesperson Susan Gregg said."

Where it stands: The suspect, Dawit Kelete of Seattle, fled the scene after hitting the protesters, and was later put in custody after another protester chased him for about a mile. He was charged with two counts of vehicular assault. Officials told the AP they did not know whether it was a targeted attack, but the driver was not impaired.

Trump's failing culture wars

Data: Google; Chart: Naema Ahmed/Axios

President Trump built his political brand by stoking the nation's culture wars, but search data is showing us how much harder it's been for him to replicate that success while running against another white man in his 70s — and while there's a coronavirus pandemic.

The big picture: Google Trends data shows Trump's "Sleepy Joe" name-calling isn't generating nearly the buzz "Crooked Hillary" (or "Little Marco") did in 2016. Base voters who relished doubting President Obama's birth certificate aren't questioning Biden's.