AP Photo/Andrew Harnik

In her opening remarks during her first testimony before the 115th Congress, Janet Yellen talked up the U.S. economy, and suggested that the Fed would raise interest rates several times this year. Yellen said:

  • After adding 16 million jobs since 2010, the American economy's 4.9% unemployment rate has returned to a "normal" level.
  • Investment by businesses remains depressed, which has helped lead to mediocre GDP growth
  • Low, but rising, inflation means that the Fed will soon move to raise interest rates again
  • Fed policy is fluid — if the economy suffers a downturn, Yellen stands ready to act.

Stocks fell on Yellen's testimony, as higher interest rates lead to cheaper stocks as investors demand higher returns to compete with higher interest rates. The dollar, on the other hand, rose, as higher interest rates in the U.S. will attract more investment.

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Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.

Pelosi: Trump is "messing with the health of our children" with push to open schools

House Speaker Nancy Pelosi said on CNN's "State of the Union" Sunday that Education Secretary Betsy DeVos' aggressive push to fully reopen schools this fall is "malfeasance and dereliction of duty," accusing the Trump administration of "messing with the health of our children."

Why it matters: Trump has demanded that schools reopen as part of his efforts to juice the economy by allowing parents to return to work, despite caution from health officials that little is known about how the virus impacts children.

Updated 1 hour ago - Health

Betsy DeVos: Schools that don't reopen shouldn't get federal funds

Education Secretary Betsy DeVos told "Fox News Sunday" that public schools that don't reopen in the fall should not get federal funds, and that the money should be redirected to families who can use it to find another option for their children.

Why it matters: The Trump administration is engaged in a full-court press to reopen schools this fall, despite warnings from some public health officials that the coronavirus outbreak is out of control in many states and that it will be difficult for many schools to reopen safely.