San Juan Mayor Carmen Yulin Cruz. Photo: Carolyn Cole/Los Angeles Times via Getty Images

This week Puerto Rico made a 25% cut to a food stamps program used by more than 1 million of its residents, as U.S. lawmakers have chosen not to approve additional emergency disaster funding that would keep the program afloat, The Washington Post reports.

Between the lines: The Trump administration has increasingly opposed funding for disaster relief for the U.S. territory. Per the Post, President Trump reportedly told top White House officials that Puerto Rico has used the food stamps ineffectively and the country is abusing the government's service. Demand for the food stamp program increased substantially following 2017's Hurricane Maria; these recent cuts were made to keep up with demand absent additional funding.

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U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.