Photo: Paul Ratje/AFP/Getty Images

Federal Reserve Bank of Dallas President Robert Kaplan told Yahoo Finance Wednesday that he expects a substantial number of bankruptcies in the U.S. oil sector despite the recently expanded access to Fed's Main Street Lending Facility.

How it works: "[T]hat program will be designed for companies that would be already be creditworthy," said Kaplan, whose district has a large number of energy companies.

  • "If you're a company on the other hand, that is more highly leveraged than that, concerned about insolvency and other credit issues ... it's not going to be able to access those programs."
  • "And there will be a substantial number of bankruptcies, restructurings that are going to have to happen, because so much of production is being shut in."

What we're watching: Other policy levers the Trump administration may try and use to prop up battered domestic producers.

Go deeper: Whiting Petroleum files for bankruptcy as coronavirus takes a bite out of the economy

Go deeper

Updated 4 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Australian officials in Victoria announced Sunday 17 more deaths from COVID-19 — a new state and national record.

The big picture: Australia was on track to suppress the novel coronavirus in May, but cases have been spiking in Victoria in recent weeks, where a state of disaster was declared last week, enabling officials to introduce restrictions including a night-time curfew in state capital Melbourne.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 19,648,084 — Total deaths: 727,024 — Total recoveries — 11,941,723Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 4,998,105 — Total deaths: 162,425 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
Aug 7, 2020 - Health

Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.