Photo: Mike Theiler, Pool / Getty Images

"The last seven weeks amount to a sea change in United States economic policy. The era of fiscal austerity is over, and the era of big deficits is back," the N.Y. Times' Neil Irwin writes.

Why it matters: In the long run, "The bigger costs of a high national debt may come in how much flexibility policymakers have to respond to a future recession or crisis. If the United States finds itself in a major war or a deep recession, its starting point in terms of debt load will be much higher than it was at the onset of the Iraq War or the 2008 financial crisis."

What to expect for now:

  • "In the short run, expect some of the strongest economic growth the country has experienced in years."
  • "In the medium run, there is now more risk of surging inflation and higher interest rates."

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NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 33,423,249 — Total deaths: 1,003,008 — Total recoveries: 23,199,564Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 7,152,221 — Total deaths: 205,268 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  5. States: Cuomo extends New York moratorium on evictions until 2021.
  6. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.
Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

AppHarvest is going public

Illustration: Sarah Grillo/Axios

AppHarvest, a Morehead, Ky.-based developer of large-scale tomato greenhouses, is going public via a reverse merger with a SPAC called Novus Capital (Nasdaq: NOVSU). The company would have an initial market value of around $1 billion.

Why it's a BFD: This is about to be a "unicorn" based in one of America's poorest congressional districts. AppHarvest CEO Jonathan Webb tells Axios that the company will employ around 350 people in Morehead by year-end, and that its location allows its product to reach 75% of the continental U.S. within a one-day drive.