Federal Reserve Chair Janet Yellen on Capitol Hill in Washington, July 26, 2017. Photo: Pablo Martinez Monsivais / AP

The Federal Reserve "is likely to announce Wednesday it will start slowly shrinking its $4.2 trillion portfolio of mortgage and Treasury bonds purchased during and after the financial crisis," the Wall Street Journal's Nick Timiraos writes on the front page:

Why it matters: "If it succeeds, the central bank will quietly close a chapter on an extraordinary policy experiment that lowered borrowing costs for homeowners, businesses and consumers, and will provide a model for other central banks that followed suit."

Go deeper

Updated 16 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 20,952,811 — Total deaths: 760,235— Total recoveries: 13,015,397Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 5,254,878 — Total deaths: 167,253 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: The pandemic's toll on mental health — The kids who are most at risk.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Politics: Biden signals fall strategy with new ads.
  6. 🎧 Podcast: Economic data turns unreliable.

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Apple's antitrust fight turns Epic

Illustration: Aïda Amer/Axios

Millions of angry gamers may soon join the chorus of voices calling for an antitrust crackdown on Apple, as the iPhone giant faces a new lawsuit and PR blitz from Epic Games, maker of mega-hit Fortnite.

Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.