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Data: New York Fed; Chart: Axios Visuals

The New York Fed's collection of real-time data indicators contributing to U.S. GDP growth showed a decline, reaching -7.35% for the week ended July 4, down from -6.81%.

What it means: The WEI is an index of ten daily and weekly indicators of real economic activity, scaled to align with the four-quarter GDP growth rate, according to the New York Fed. It follows a string of real-time data analysis from investment banks and asset managers that shows economic data stalling or declining since mid-June.

Go deeper

Dion Rabouin, author of Markets
Oct 13, 2020 - Economy & Business

Jerome Powell's ironic legacy on economic inequality

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

If there's anyone who should be talking about economic inequality it's Jerome Powell, a man who as Fed chair has aimed a spotlight on the issue and put the Fed on an intentional trajectory toward reducing it through policy.

Yes, but: Pressed for answers on how the central bank's policies have impacted wealth and income inequality among Americans during last week's virtual meeting with the National Association for Business Economics, Powell dodged and downplayed.

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.