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Former chairman of the Federal Reserve Paul Volcker died Sunday at 92 years old, according to the New York Times.

The big picture: Volcker was known for leading the Fed's aggressive campaign to bring down inflation throughout the late 1970s and early '80s. He served in the Treasury Department under Presidents Kennedy, Johnson and Nixon before moving to the Fed. President Carter nominated him to be chairman in 1979, and President Reagan re-nominated him in 1983.

  • Volcker's family has not confirmed the cause of his death. He had been treated for prostate cancer in 2018.

Our thought bubble, via Axios' chief financial correspondent Felix Salmon: "Volcker will go down in history as a dedicated public servant and as the last uncontroversially great Fed chair. No financial technocrat alive today has his moral stature."

Go deeper: The market will need the Fed again in 2020

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McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

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Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.

48 mins ago - Podcasts

The fight over fracking

Fracking has become a flashpoint in the election's final week, particularly in Pennsylvania where both President Trump and Joe Biden made stops on Monday. But much of the political rhetoric has ignored that the industry has gone from boom to bust, beset by layoffs, bankruptcies and fire-sale mergers.

Axios Re:Cap digs into the state of fracking, and what it means for the future of American energy, with Bob McNally, president of Rapidan Energy Group.

Democrats sound alarm on mail-in votes

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Democrats are calling a last-minute audible on mail-in voting after last night's Supreme Court ruling on Wisconsin.

Driving the news: Wisconsin Democrats and the Democratic secretary of state of Michigan are urging voters to return absentee ballots to election clerks’ offices or drop boxes. They are warning that the USPS may not be able to deliver ballots by the Election Day deadline.