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Data: Bureau of Labor Statistics, reproduced from Deutsche Bank; Chart: Axios Visuals

For the past 25 years, the U.S. has seen zero inflation in goods and 3% to 4% inflation in services.

Details: Goods are things you buy in stores and services are housing, health care and education, Deutsche Bank Securities chief economist Torsten Slok notes. The weight to goods in the CPI index is 1/3 and the weight to services is 2/3.

What's happening: Slok said in a recent note to clients...

"[There's] more openness to foreign trade holding down goods inflation, higher productivity growth in manufacturing than in services holding down inflation on goods, and higher growth in demand for services as per capita income rises and the population ages. "Looking ahead, for higher inflation to become a problem, we either need to see goods inflation move higher, for example because of a significant dollar depreciation, or we need to see even higher inflation in the costs of housing, healthcare and education."

Go deeper: The great bond selloff signals concerns about inflation

Go deeper

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.