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Former President Barack Obama's memoir "A Promised Land" goes on sale ahead of the holiday season at Barnes & Noble Union Square on Tuesday in New York City. Photo: Jamie McCarthy/Getty Images

Former President Barack Obama's memoir "A Promised Land" sold more than 887,000 copies, including preorders, across all formats in the U.S. and Canada on its Tuesday release date, publisher Penguin Random House announced Wednesday.

Why it matters: The memoir has sold more copies on its first day of sale than any other book published by Penguin Random House. It looks set to be the best-selling presidential memoir in modern history.

Flashback: Michelle Obama's memoir sold more than 725,000 copies on its first day

Go deeper

Obama's "A Promised Land" to become best selling presidential memoir

Photo: Charles Guerin/Abaca Press via Reuters

President Obama's "A Promised Land" (list price: $45) sold nearly 890,000 copies in the U.S. and Canada in its first 24 hours, putting it on track to be the best selling presidential memoir in modern history, AP's Hillel Italie writes.

Why it matters: Obama's book is the highlight of publishing's holiday season, and for some independent bookstores, the potential difference between remaining in business or closing.

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen will tell world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She is co-opting a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framing the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

Dan Primack, author of Pro Rata
56 mins ago - Economy & Business

Calling the startup valuation peak

Illustration: Annelise Capossela/Axios

Anyone who's called a private market peak over the last decade, or even suggested that air was leaking out of the balloon, has been swiftly humbled. "Nothing matters" has consistently proven to be the only thing that matters.

Our thought bubble: The go-go era is history, even if the economy and new company formations remain strong.