Photo: Monica Schipper/Getty Images

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

Go deeper

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 20,092,855 — Total deaths: 736,254 Total recoveries — 12,350,879Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 5,094,565 — Total deaths: 163,465 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."
Updated 4 hours ago - Politics & Policy

Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday evening after law enforcement reportedly shot an armed suspect outside of the White House.

What's new: The 51-year-old suspect approached a uniformed Secret Service officer on the corner of 17th Street and Pennsylvania Avenue NW, near the White House, and said he had a weapon, the agency alleged in a statement late Monday. He "ran aggressively towards the officer, and in a drawing motion, withdrew the object from his clothing."

Updated 4 hours ago - World

Protests in Belarus turn deadly following sham election

Belarus law enforcement officers guard a street during a protest on Monday night. Police in Minsk have fired rubber bullets for a second night against protesters. Photo: Natalia Fedosenko/TASS via Getty Image

Protesters and security forces have been clashing across Belarus overnight in a second night of protests that has left at least one person dead, hundreds injured and thousands arrested.

Why it matters: Sunday’s rigged presidential elections have yielded political uncertainty unlike any seen in Aleksander Lukashenko’s 26-year tenure. After claiming an implausible 80% of the vote, Lukashenko is using every tool in the authoritarian arsenal to maintain his grip on power.