Fed Chair Jerome Powell said at the central bank's last meeting that he sees recent lower readings on U.S. inflation as "transitory," and likely to pick back up later this year. Data shows the market doesn't believe him and neither do everyday Americans.

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Data: Federal Reserve Bank of New York; Chart: Axios Visuals

The bottom line: The 1-year outlook on inflation among U.S. consumers fell by the most in 2 years last month, and is the third-largest drop since the survey was launched in mid-2013, according to the New York Fed.

Details: The decline in inflation expectations was broad-based across income groups, the survey found. Home price change expectations remained stable, but at very low levels. Fed officials also noted that respondents were more "optimistic about their households' overall financial situation and about the labor market."

  • The outlook for inflation over the next 3 years also declined significantly, showing that medium-term inflation expectations also have fallen.

Go deeper: Weak inflation stokes speculation the Fed may cut interest rates

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Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.

The impending retail apocalypse

Illustration: Eniola Odetunde/Axios

Because of the coronavirus and people's buying habits moving online, retail stores are closing everywhere — often for good.

Why it matters: Malls are going belly up. Familiar names like J.C. Penney, Neiman Marcus and J. Crew have filed for bankruptcy. Increasingly, Americans' shopping choices will boil down to a handful of internet Everything Stores and survival-of-the-fittest national chains.

Biden campaign using Instagram to mobilize celebrity supporters

Collins appears on the Build live interview series in November 2019. Photo: Gary Gershoff/Getty Images

The Biden campaign is launching a new initiative today that will draft Hollywood celebrities for Instagram Live chats with campaign officials and other Biden supporters.

Why it matters: The campaign, called #TeamJoeTalks, is an attempt to open up a new front on social media, drawing on celebrities’ Instagram followers to help find and motivate voters while large parts of the country remain locked down.