Feb 14, 2017

Janet Yellen bullish on the U.S. economy

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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5 p.m. ET: 1,260,104 — Total deaths: 69,082 — Total recoveries: 258,588Map.
  2. U.S.: Total confirmed cases as of 5 p.m. ET: 331,151 — Total deaths: 9.441 — Total recoveries: 16,848Map.
  3. Federal government latest: Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment." The USDA confirms that a Bronx zoo tiger tested positive for coronavirus.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state is "literally going day-to-day" with supplies.
  6. World update: Queen Elizabeth II urges the British people to confront pandemic with "self-discipline" and "resolve" in rare televised address.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Tiger at Bronx Zoo tests positive for coronavirus

A Malayan tiger cub in its enclosure at the Bronx Zoo on April 27, 2017. Photo: Andrew Lichtenstein/Corbis via Getty Images

A Malayan tiger at the Bronx Zoo has tested positive for the coronavirus, according to statements from the U.S. Department of Agriculture and the Wildlife Conservation Society, which manages the New York City zoo.

Why it matters: It's the first known animal to test positive for the virus in the United States. The tiger is believed to have contracted the virus from an asymptomatic zookeeper.

Boris Johnson admitted to hospital as coronavirus symptoms persist

Photo: Ray Tang/Anadolu Agency via Getty Images

U.K. Prime Minister Boris Johnson has been admitted to the hospital for tests as a "precautionary step" as his coronavirus symptoms have continued to persist 10 days after testing positive, according to a Downing Street spokesperson.

Why it matters: Johnson was the first major elected leader to test positive for the coronavirus. He was admitted to the hospital on the same day that Queen Elizabeth II gave a rare televised address to the nation, urging the British people to confront the pandemic with the same "self-discipline" and "resolve" that has defined the country in times of crisis.

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