Richard Drew/AP

The biggest flip flop of the 2016 election belonged not to a politician, but the stock market, when after Election Day it changed its opinion of President Trump from a thin-skinned inciter of global crises to a tax-and-regulation cutting champion of business.

Why the complacency? Bloomberg News points out that despite high valuations and low market volatility, indexes of global policy uncertainty remain high. So why are investors ignoring the threats President Trump's confrontational nature poses for global trade? Ethan Harris, head of global economics research at Bank of America Merrill Lynch, tells Bloomberg:

  • Bearish forecasters are the boy who cried wolf, who are now being ignored. They warned that everything from the 2010 European debt crisis to the 2011 debt ceiling showdown and 2016's Brexit would hurt stocks, but they didn't in the long run.
  • When a crisis does occur, central banks have shown a willingness to do whatever it takes to stabilize the economy.

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Inside Joe Biden's economic plan

Joe Biden on Thursday returned to his hometown of Scranton, Pennsylvania, to give his first major speech on economic policy since becoming the Democratic Party’s presumptive presidential nominee.

Axios Re:Cap digs into Biden's plans, how they developed and how they may change, with former U.S. Commerce secretary and campaign surrogate Penny Pritzker.

1 hour ago - World

Countries grapple with whether to lock back down as hotspots emerge

Tokyo in the time of coronavirus. Photo: Charly Triballeau/AFP via Getty

Many politicians and public health officials sounded a similar lockdown refrain in the spring: let’s do this right so we only have to do it once.

Reality check: While some countries have thus far managed to keep cases under control after opening up, dozens of countries that had initially turned a corner are now seeing a worrying rebound. They have to decide if and how to return to lockdown — and whether their populations will stand for it.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 12,128,406 — Total deaths: 551,552 — Total recoveries — 6,650,675Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 3,088,913 — Total deaths: 132,934 — Total recoveries: 953,420 — Total tested: 36,979,745Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.