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Coronavirus has led many economists to conclude a recession is inevitable, or maybe already here. Dan and Axios' Dion Rabouin discuss what's happening and what the government is trying to do to fix it.

Go deeper: The Fed's $1.5 trillion injection may be just the beginning

Go deeper

Updated Oct 7, 2020 - Health

World coronavirus updates

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

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

Coronavirus cases fell by 15% this week

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

New coronavirus infections fell by almost 15% over the past week, continuing a steady downward trend.

Why it matters: The standard caveats still apply — progress can always fall apart, the U.S. is climbing down from a very high number of cases, and this is far from over. But this is undeniably good news. Things are getting better.

FDA authorizes Abbott's $5 rapid COVID-19 test

Results from the BinaxNOW COVID-19 Ag Card test will be available in roughly 15 minutes. Photo: Courtesy of Abbott Laboratories.

Abbott Laboratories said Wednesday it received emergency use authorization (EAU) from the Food and Drug Administration for its COVID-19 test that works without lab equipment.

The big picture: Abbott said it will ramp up production of its "highly portable," $5 tests to 50 million by the beginning of October.