Good afternoon: Today's PM — edited by Justin Green — is 477 words, a 2-minute read.
⚡️Situational awareness: The Federal Reserve plans to keep interest rates near zero "until it is confident that the economy has weathered" the coronavirus crisis.
Photo: Doug Mills/The New York Times/Pool/Getty Images
Trump administration advisers are hinting at a willingness to spend billions and elevate their risk tolerance in the hope of getting coronavirus treatments out this year.
The big picture: Administration figures are hinting at a willingness to spend billions and elevate their risk tolerance in the hope of getting some treatments out this year.
The plan: The administration wants to organize public-private partnerships — with taxpayers assuming the risk — to produce vaccines on scale before widespread trials have ended.
The higher risk tolerance: The administration is reportedly preparing to give an emergency use authorization for Gilead's remdesivir, despite mixed results in early trials, the N.Y. Times reports.
The bottom line: There's a lot of pressure to get treatments and eventually a vaccine out to the public faster — but don't get your hopes up.
An aerial view shows some of the roughly three dozen oil tankers anchored off the California coast.
The Kentucky Derby has been postponed from this weekend back to Sept. 5, but there'll be a unique show either way, AP reports.