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Expand chart
Data: Federal Reserve Bank of Philadelphia; Chart: Axios Visuals

The Fed's regional manufacturing indexes are bouncing back in July after an awful June swoon, none more so than the Philadelphia region, which rose to 21.8 from a 0.3 reading in June.

Why it matters: It was the highest result in a year for the survey.

Details: Many of June's regional Fed surveys were conducted during the week President Trump threatened to impose tariffs on imports from Mexico in addition to tariffs on $200 billion worth of Chinese goods.

  • "A July rebound, therefore, was always likely but this is a gratifyingly big increase," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note to clients.
  • The strong rebound in the Philly Fed number, following a modest gain from the New York regional Fed, doesn't promise a pickup in overall U.S. manufacturing, "but it does make it much more likely," Shepherdson added.

Go deeper: Manufacturing numbers keep getting worse

Go deeper

Dion Rabouin, author of Markets
4 mins ago - Economy & Business

Our make-believe economy

Illustration: Eniola Odetunde/Axios

The Federal Reserve and global central banks are remaking the world's economy in an effort to save it, but have created something of a monster.

Why it matters: The Fed-driven economy relies on the creation of trillions of dollars — literally out of thin air — that are used to purchase bonds and push money into a pandemic-ravaged economy that has long been dependent on free cash and is only growing more addicted.

New hope for "smart cities"

Illustration: Sarah Grillo/Axios

It's time to polish our gleaming vision of urban environments where internet technology makes everything from finding a parking space to measuring air quality a snap.

Why it matters: The Biden administration's Cabinet appointees are likely to be champions of bold futurism in urban planning — which could mean that smart infrastructure projects, like broadband deployment and digital city services, get fresh funding and momentum.

4 hours ago - World

Hong Kong pro-democracy media tycoon Jimmy Lai detained on fraud charge

An activist holds a placard highlighting China's Tiananmen Square massacre as pro-democracy media tycoon Jimmy Lai arrives at West Kowloon Magistrates' Court in Hong Kong in November. Photo: Isaac Wong/SOPA Images/LightRocket via Getty Images

Hong Kong media tycoon Jimmy Lai is being detained until an April court hearing after the pro-democracy supporter was charged Thursday with fraud, per his Apple Daily news outlet.

Why it matters: The 72-year-old's arrest and denial of bail is another blow for the pro-democracy movement in the former British colony amid concerns about a fresh crackdown on activists.

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