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Satellite image showing Cyclone Veronica (upper left) and Cyclone Trevor approaching the Australian mainland. Image: Rammb/CIRA

Two ferocious cyclones are taking aim at Australia this weekend, with the possibility that both could make landfall as Category 4 or greater storms within 24 hours of each other. If that happens, it would mark only the second time in the country's history that such a weather event has occurred.

Why it matters: Cyclone Trevor, in the Gulf of Carpenteria, and Cyclone Veronica, off Western Australia, are each intensifying while moving slowly toward land. These storms threaten to bring storm surge flooding to the coast, damaging winds and excessive inland rainfall. Of the two, Cyclone Veronica appears poised to hit a more populated part of the country, potentially coming ashore on March 24 near Port Hedland in Western Australia. That city of about 16,000 could be inundated by a powerful storm surge as the storm barrels slowly inland.

Go deeper

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
1 hour ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.

3 hours ago - World

Soldiers seize power in Burkina Faso as global coup surge continues

Mutinous soldiers in Burkina Faso declared on state television Monday that they had deposed the government, closed the borders and taken control of the country. President Roch Marc Christian Kaboré has reportedly been arrested.

The big picture: This would be the third successful military coup in west Africa in eight months, after juntas took power last year in Guinea and in neighboring Mali.