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Medicare has withdrawn a proposal that would have cut drug payments. Photo: J. Scott Applewhite / AP

The Centers for Medicare and Medicaid Services has officially withdrawn the Obama administration's proposed rule that would have reduced Medicare payments for drugs administered in outpatient offices. The so-called Part B demonstration has effectively been dead for a while after the health care industry rallied against it, which led to political scorn from both sides of the aisle.

Between the lines: Pharmaceutical companies and doctors hated the idea because it directly threatened to lower how much money they make from lucrative drugs. Don't expect any similar price-cutting proposals to resurface under the Trump administration.

Go deeper

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
3 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.