Chairman of the Federal Reserve nominee Jerome Powell testifies during his confirmation hearing last year. Photo: Alex Wong/Getty Images

The new Fed Chairman, Jerome Powell, will tell Congress today the economy is growing well and "gradual" interest rate increases will continue, Bloomberg reports. He said recent stock market volatility isn't "weighing heavily" on the economy.

Why it matters: Powell will be making his first appearance before Congress later today since taking over for Janet Yellen. He's expected to continue her policies while he manages the Fed's response quickening economic growth (boosted by the tax bill), rising inflation and lower unemployment, Bloomberg says

  • "The economic outlook remains strong."
  • Inflation will increase and stabilize at around 2%.
  • "Wages should increase at a faster pace as well."

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Child care crisis is denting the labor market

Reproduced from Pew Research Center; Chart: Axios Visuals

New data from the Pew Research Center shows that parents are being hit especially hard by the coronavirus pandemic, and as far as job losses go, mothers and fathers are faring equally poorly.

Why it matters: Economists have been warning for months that the pandemic could do long-term damage to the economy as people remain unemployed for longer stretches of time.

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Trump-Biden venom on display during final debate

Photos: Brendan Smialowski/AFP via Getty Images; Jim Watson/AFP via Getty Images

Joe Biden twice referred to President Trump as "this guy," and Trump called the former vice president's family "like a vacuum cleaner" for foreign money.

Why it matters: The personal venom — during Thursday's final presidential debate, in Nashville — was a reminder that even during a more normal debate, nothing this year is normal.

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Special report: Trump's hopes of nuclear deal with Putin come down to the wire

Illustration: Lazaro Gamio/Axios

A surprise offer from Vladimir Putin has the U.S. and Russia once again circling a potential pre-election nuclear deal.

The big picture: The last treaty constraining the U.S. and Russia, New START, is due to expire on Feb. 5, 2021, two weeks after the next U.S. presidential inauguration. For the first time since the height of the Cold War, the nuclear guardrails could come off.