Andrew Harnik / AP
Politico reports that Jerome Powell, a current Federal Reserve governor, is the leading candidate to replace Janet Yellen as chairman of the Federal Reserve. Powell is backed by Treasury Secretary Steve Mnuchin.
Why it matters: Powell would align with White House deregulation efforts and has sided with Janet Yellen on continuing a slow pace of interest rate hikes, according to Reuters.
Japan is preparing a second coronavirus stimulus package worth $1.1 trillion, or about 40% of the country's gross domestic product, Reuters first reported Tuesday night.
Zoom in: The new measure will be funded by government bonds and will include "a raft of loan guarantees and private sector contributions," per Bloomberg.
Illustration: Aïda Amer/Axios
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Tear gas is fired as police clash with protesters demonstrating against the death of George Floyd outside the 3rd Precinct Police Precinct in Minneapolis, Minnesota, on Tuesday. Photo: Stephen Maturen/Getty Images
Minneapolis police used tear gas during clashes with protesters demanding justice Tuesday night for George Floyd, an African American who died in police custody, according to multiple news reports.
Driving the news: The FBI is investigating Floyd's death after video emerged of a Minneapolis police officer kneeling on his neck for several minutes, ignoring protests that he couldn't breathe. Hundreds of protesters attended the demonstration at the intersection where Floyd died, per the Guardian.