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President Trump speaks as Homeland Security Secretary Kirstjen Nielsen listens (R). Photo: Alex Wong / Getty Images

"2017 turned out to be the global economy's best year since 2010, according to the International Monetary Fund, and 2018 looks even better," the WashPost's David Lynch writes:

The takeaway: "Investors and corporate executives ... have learned to cope with an unpredictable president, often by ignoring his most provocative statements ... the contrast between Trump's inflammatory rhetoric and the placid economic scene is striking..."

  • The big picture: "Economics dominated politics last year outside the United States, too. In Europe, fears that ascendant populism in Britain, Poland, and Hungary would destabilize the E.U. proved exaggerated. And in Asia, prosperity surged despite rising tensions on the Korean Peninsula."
  • What's next: "[S]ome foreign executives are acting on concerns that the president may finally erect barriers against countries that sell more to the United States than they buy. ... Japanese companies [including] Toyota ... have stepped up investments in U.S.-based research, production and distribution."

N.Y. Times Quote of the Day ... From a front-page James Stewart "Common Sense" column, "The Dow Hits 25,000: The Party Will End One Day, but When?":

  • James Stack, a market historian and president of InvesTech Research: "A correction would be healthy. The longer we go without one, the greater the risk this will end badly."

Go deeper

Updated 1 hour ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.