Illustration: Aïda Amer/Axios

Market participants got little more information on how the Fed plans to boost U.S. inflation with the minutes from the central bank's latest policy meeting on Wednesday, and in particular, lacked guidance on its quantitative easing program.

Why it matters: Some have blamed the Fed's lack of specifics on the future path of QE for the market's pullback since early September.

  • Analysts are still worried markets lack a positive catalyst in the interim period ahead of the U.S. election, as the boost from the $2 trillion CARES Act and the Fed's $3 trillion QE infinity program may have worn off, and there are few assets moving in the opposite direction of equities to provide safe havens.

Don't sleep: The minutes also note the importance of increased fiscal spending to the Fed's improved economic projections, which looks less likely after President Trump's series of tweets Tuesday night.

  • “Many participants noted that their economic outlook assumed additional fiscal support and that if future fiscal support was significantly smaller or arrived significantly later than they expected, the pace of the recovery could be slower than anticipated,” the meeting summary said.

Go deeper

Dion Rabouin, author of Markets
Oct 20, 2020 - Economy & Business

Americans' trust in the Fed keeps falling

Data: Axios/Ipsos poll; Note: ±3.3% margin of error; Chart: Axios Visuals

Americans' trust in the Federal Reserve fell again in October, with just 34% saying they have a fair amount or a great deal of trust in the central bank in the latest Axios/Ipsos poll.

What's happening: While trust in the Fed rises with age, income level and among those who say they know more about the institution, there was not a single group where even half of respondents said they trusted the Fed.

The cliffhanger could be ... Georgia

Illustration: Sarah Grillo/Axios

It hasn't backed a Democrat for president since 1992, but Georgia's changing demographics may prove pivotal this year — not only to Trump v. Biden, but also to whether Democrats take control of the Senate.

Why it matters: If the fate of the Senate did hinge on Georgia, it might be January before we know the outcome. Meanwhile, voters' understanding of this power in the final days of the election could juice turnout enough to impact presidential results.

Amy Harder, author of Generate
6 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.