Feb 10, 2017

OPEC is showing signs of life

The International Energy Agency announced that OPEC has achieved 90% of the cuts it agreed to in its November pact, and demand has been growing faster than they expected, per Bloomberg. Oil futures climbed as much as 1.1% in New York on the positive news.

What's next: The IEA also boosted its guidance for 2017 as it expects an increase of 1.4 million barrels a day this year. The IEA expects world oil inventories will fall by 600k barrels a day during the first half of the year if OPEC sticks to its agreement.

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Dion Rabouin

1 min ago - Economy & Business

The Fed transforms itself to direct the economy

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

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Kendall Baker

14 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

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Fadel Allassan

1 hour ago - Economy & Business

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.