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Steve Helber / AP

Two stories caught my eye that help explain why Trump's pledge to revive the U.S. coal industry is such a heavy lift. A lengthy piece that fronts Sunday's Washington Post biz section says some good signs—higher prices, a boost in deliveries—probably won't change underlying trends. Why?

  • The big open-pit mines where the industry is focused in Wyoming and elsewhere need fewer workers than Appalachian mines.
  • Cheap gas, cheap gas, cheap gas from the fracking boom.
  • Softer than expected Asian demand.
  • Trump has shown "no signs" of backing big federal cash for climate-friendly coal tech.

The Financial Times, meanwhile,

quotes

the International Energy Agency chief predicting that Trump's plans to ease infrastructure permitting could boost U.S. gas exports further, creating a drag on Chinese and Indian coal needs.

Go deeper

Updated 10 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 26 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.