Mar. 04, 2021 05:44PM EST
Schumer says Democrats are "delighted" Ron Johnson is forcing relief bill to be read out loud

Senate Majority Leader Chuck Schumer (D-N.Y.) accused Sen. Ron Johnson (R-Wis.) of going to "ridiculous lengths" to show his opposition to a COVID relief package widely supported by the American public, after Johnson demanded that the entire 600-page bill be read on the Senate floor.
The state of play: Johnson's procedural move will likely add 10 hours to the 20 hours already allotted for debate, during which Republicans will propose amendments to force uncomfortable votes for Democrats. Schumer promised that the Senate will stay in session "no matter how long it takes" to finish voting on the $1.7 trillion rescue package.
<p><strong>What they're saying: </strong>"It will accomplish little more than a few sore throats for the Senate clerks who work very hard day in, day out to help the Senate function," Schumer said ahead of a vote on the motion to proceed with debate.</p><ul class="ee-ul"><li>"Still, we are delighted that the senator from Wisconsin wants to give the American people another opportunity to hear what's in the American Rescue Plan. We Democrats want America to hear what's in the plan," he continued.</li><li>"Oh, yes, when the senior senator from Wisconsin reads, the American people will get another chance to hear about the tax breaks for low-income workers, and assistance for American families struggling with child care — two measures that help make the American Rescue Plan one of the single largest anti-poverty bills in recent history."</li></ul><p><strong>Go deeper: </strong><a href="https://www.axios.com/covid-relief-bill-republicans-d20db5f3-0d84-4bfe-93ae-5e10b7edfbfe.html" target="_blank">Senate Republicans plan to exact pain before COVID relief vote</a></p></div>
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Mar. 04, 2021 05:10PM EST
Why gas prices are back up
Data: EIA and FactSet; Chart: Axios Visuals
Gas prices are hitting new post-pandemic highs across the country, but this isn't a story of America reopening. It's really just a function of the price of oil going up.
By the numbers: Gasoline cost $2.71 on average as of Monday, per the Energy Information Administration. The highest average price was $3.59 in Los Angeles, while the lowest was $2.33 in Houston.
- All of these prices represent the highest level seen since 2019.
The big picture: The price of crude oil reflects more than half of the cost of a gallon of gasoline. (The rest is refinery costs, distribution costs, and taxes.)
- Demand for oil has actually been declining, per the New York Fed, but supply has been falling even faster, with the result that prices have now topped $64 for a barrel of Brent crude.
Mar. 04, 2021 05:02PM EST
What central bank digital currencies mean for crypto
Central bank digital currencies, or CBDCs,represent the ultimate ratification of digital finance: Its adoption by the most venerated guardians of the international monetary architecture.
Why it matters: Crypto-evangelists often talk about CBDCs in awed terms. But it's far from clear that the bitcoin-and-ethereum crowd would ultimately benefit from money going digital.
<p><strong>How it works:</strong> The country with by far the most advanced digital currency is China — but <a href="https://www.nytimes.com/2021/03/01/technology/china-national-digital-currency.html" target="_blank">eCNY</a>, as the Chinese digital currency is known, is pretty much the exact opposite of bitcoin and everything it stands for. </p><ul class="ee-ul"><li><strong>It doesn't use blockchain</strong> technology. Instead, the ledger of who owns what is closely held at the Chinese central bank — and nowhere else. </li><li><strong>While bitcoin is based on zero trust,</strong> eCNY requires full trust of the Chinese monetary authorities. If it <a href="https://www.axios.com/china-central-bank-digital-currency-global-3268579f-bc4b-4a0e-82d8-004a1cd633e2.html" target="_blank">goes global</a>, then China will at all times know exactly how much of its currency you possess — and could zero you out for any or no reason. </li><li><strong>While bitcoin is a deflationary currency</strong> designed to increase in value over time, eCNY is an inflationary currency designed to decrease in value over time. In fact, in its current incarnation, it expires worthless if it isn't spent within a few weeks. </li></ul><p><strong>The big picture:</strong> eCNY is an attempt by China to move toward a monetary and payments system wherein the Communist Party can have full visibility into, and control over, citizens' financial lives. </p><ul class="ee-ul"><li><strong>Other CBDCs </strong>won't necessarily go that far. But the ability to keep track of all transactions is part of why they're attractive to central banks that are <a href="https://www.axios.com/why-money-laundering-persists-9bfac91b-9b06-4886-9e80-f46d0f21b296.html" target="_blank">losing</a> the global war on money laundering. </li><li><strong>CBDCs are also attractive</strong> to central banks precisely because if they're set up so that they can expire or lose their value over time, that would act as an incentive to spend, in countries that are struggling to reach their target inflation rates. </li></ul><p><strong>The bottom line: </strong>The power of central banks, both as issuers of currency and as financial regulators, is easily great enough to ensure that CBDC architecture replaces whatever nascent technologies are currently being built in the crypto space. </p><ul class="ee-ul"><li><strong>If that happens, </strong>then cryptocurrencies would become little more than digital collectibles — a store of value, perhaps, but one with no real transformative potential. </li></ul></div>
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Mar. 04, 2021 04:55PM EST
Capitol Police asks for National Guard to stay on-site for two more months
U.S. Capitol Police on Thursday asked that the National Guard remain on-site for an additional 60 days due to ongoing security concerns surrounding the building, AP reports.
Why it matters: While many lawmakers are eager for security measures surrounding the Capitol — including fencing and an increased law enforcement presence — to be lightened, the request by Capitol Police reflects concerns about ongoing threats.
<ul class="ee-ul"><li>Capitol Police <a href="https://www.axios.com/trump-qanon-capitol-police-march-4-af256654-70ac-49a2-bbfe-e2e7bd0f7c40.html" target="_blank">announced</a> additional security measures on Wednesday after obtaining intelligence showing "a possible plot to breach the Capitol by an identified militia group on Thursday, March 4."</li><li><a href="https://www.axios.com/fbi-homeland-security-capitol-threat-9e2f3c8f-de45-4e5d-8fb7-2aeb658432d1.html" target="_blank">The House cancelled votes </a>due to further FBI and Homeland Security warnings of a potential threat to the Capitol. </li></ul><p><strong>What they're saying:</strong> House Speaker Nancy Pelosi said at a press conference on Thursday that she'll leave decisions on the National Guard to security officials.</p></div>
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Mar. 04, 2021 03:23PM EST
Americans increasingly see China as an enemy
One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.
By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."
<ul class="ee-ul"><li>Americans over 65 (49%) are much more likely to view China as an enemy than of 18 to 29-year-olds (20%). </li><li>White respondents (42%) were also much more likely to see China as an enemy than Black (12%) or Hispanic (21%) respondents.</li><li>The biggest gap came between Republicans (53%) and Democrats (20%).</li></ul><p><strong>By the numbers:</strong> Republicans (72%) are also far more likely than Democrats (37%) to prioritize getting "tougher" with China over strengthening economic relations, according to the survey.</p><ul class="ee-ul"><li>But Republicans (72%) and Democrats (69%) are aligned in believing the U.S. should promote human rights in China even if it harms economic ties.</li><li><strong>The trend: </strong>The percentage of Americans viewing China negatively climbed from 46% in 2018 to 67% in 2021.</li></ul><p><em>Methodology: Data for this American Trends Panel report was drawn from a panel wave conducted from Feb. 1 to Feb. 7, 2021. 2,596 people responded, out of 2,943 who were sampled. The margin of sampling error is +/- 2.7%.</em></p></div>
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Mar. 04, 2021 02:31PM EST
Leaked government documents spotlight Biden's child migrant dilemma
Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.
Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.
<ul class="ee-ul"><li>The same documents, dated Tuesday, say the shelter system is at 94% occupancy and expected to reach its maximum this month.</li></ul><p><strong>Meanwhile, some of President Biden's top officials</strong> responsible for immigration policy are planning a trip to the U.S.-Mexico border this weekend, sources tell Axios.</p><ul class="ee-ul"><li>The influx of unaccompanied minors is a mushrooming problem for the new president and his policy and social welfare agencies.</li><li>“A trip is not finalized and the White House continues to work on locking in details and logistics for a potential visit," White House spokesperson Vedant Patel told Axios.</li><li>Spokespersons for DHS and HHS did not immediately respond to a request for comment.</li></ul><p><strong>Behind the scenes: </strong>HHS has already moved to open overflow shelters and to increase the speed with which it releases children to caretakers already in the U.S.</p><ul class="ee-ul"><li>In the week ending March 1, an average of 174 children were released from HHS custody each day. That was up from a weekly average of 90 in late January and early February, according to the documents.</li><li>Nonetheless, the number of migrants held in Border Patrol custody longer than three days has been rising nearly each day, according to additional documents reviewed by Axios.</li><li>Kids and teens caught crossing the border without legal guardians are being <a href="https://www.axios.com/kids-border-patrol-custody-767cb87d-d757-4c11-842e-2a5dd9db9839.html" target="_blank">held in Border Patrol facilities</a> for more than three days, for an average of 77 hours, <a href="https://www.cnn.com/2021/03/03/politics/immigration-us-mexico-border-crisis/index.html" target="_blank">as CNN first reported</a>.</li></ul><p><strong>The big picture: </strong>This week, DHS Secretary Alejandro Mayorkas insisted the current situation is <a href="https://www.axios.com/immigration-mayorkas-dhs-chlid-separation-1d363bd3-694d-4f12-8804-11b3724ba940.html" target="_blank">not yet a crisis</a>. Regardless, it's clear the number of children crossing the U.S.-Mexico border could fast overwhelm government systems, in ways similar to the crises in 2014 and 2019.</p><ul class="ee-ul"><li>The uptick comes while the administration continues to use an emergency public health order to quickly deport migrant adults and some families — including asylum seekers.</li><li>At the same time, the Biden has reversed a Trump administration policy of using the public health order to quickly turn away unaccompanied children.</li><li>The source who provided the internal Biden administration documents expects to see family migration rise over the next months, as well.</li></ul><p><strong>What to watch: </strong>Internally, government officials have been sounding alarm bells. As <a href="https://www.axios.com/biden-immigration-child-migrant-border-aeaf0231-02d3-4c96-b139-68069c0c1189.html" target="_blank">Axios previously reported</a>, DHS is expecting a record number of child migrants this year.</p><ul class="ee-ul"><li>HHS has told the White House it will need a 20,000-bed capacity to humanely accommodate them.</li></ul></div>
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Mar. 04, 2021 02:28PM EST
Mounting emissions data paints bleak picture on Paris climate goals
Researchers keep finding new ways to reveal that nations are together showing very few signs of getting on track to meet the Paris Agreement's goals.
One big question: That's whether a spate of recent analyses to that effect, and scientific reports coming later this year, will move the needle on meaningful new policies (not just targets).
<p><strong>What's new:</strong> <a href="https://link.axios.com/click/23109343.55173/aHR0cHM6Ly93d3cubmF0dXJlLmNvbS9hcnRpY2xlcy9zNDE1NTgtMDIxLTAxMDAxLTA_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NnZW5lcmF0ZSZzdHJlYW09dG9w/5d8a19e2fbd297461c3ce0b1B346985e7" target="_blank">Analysis</a> Wednesday in <em>Nature Climate Change</em> offers a new window onto progress in the years since the Paris deal and the results are ... not great.</p><p><strong>The big picture:</strong> It finds that 64 nations cut their fossil fuel-related CO2 emissions from 2016-2019 compared to the 2011-2015 period.</p><ul class="ee-ul"><li>But don't pop the corks. Average cuts were "a tenth of what would be needed at the global level to meet the Paris climate goals," the tally notes.</li><li>And 150 nations together increased emissions slightly on average, per researchers from the University of East Anglia, Stanford and the Global Carbon Project.</li></ul><p><strong>By the numbers:</strong> Those 64 nations cut CO2 emissions by an average of 0.16 gigatons annually in 2016-2019, while the average increase in 150 nations with rising emissions was about twice that amount.</p><p>But basically, it's all pretty static, as this line makes clear: "[C]uts of 1–2 GtCO2 per year are needed throughout the 2020s and beyond to avoid exceeding warming levels in the range 1.5 °C to well below 2 °C, the ambition of the Paris Agreement."</p><p><strong>Why it matters:</strong> It's a pivotal year for climate efforts, with United Nations officials hoping for aggressive new national goals ahead of a pivotal late-year summit — and concrete steps to back them up.</p><p><strong>Catch up fast:</strong> It's just the latest analysis that shows the gulf between nations' current actions and emissions cuts needed to meet the Paris targets.</p><ul class="ee-ul"><li>New International Energy Agency <a href="https://link.axios.com/click/23109343.55173/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2NhcmJvbi1lbWlzc2lvbnMtcHJlLXBhbmRlbWljLTMzNWVlNDZkLTA4Y2EtNDc3ZS1hMjIwLTMzZDM1NGVhNTBjMy5odG1sP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zZ2VuZXJhdGUmc3RyZWFtPXRvcA/5d8a19e2fbd297461c3ce0b1B1b190980" target="_blank">data this week</a> showed that global emissions have rebounded from cuts during the pandemic.</li><li>An interim <a href="https://link.axios.com/click/23109343.55173/aHR0cHM6Ly91bmZjY2MuaW50L3Byb2Nlc3MtYW5kLW1lZXRpbmdzL3RoZS1wYXJpcy1hZ3JlZW1lbnQvbmF0aW9uYWxseS1kZXRlcm1pbmVkLWNvbnRyaWJ1dGlvbnMtbmRjcy9uYXRpb25hbGx5LWRldGVybWluZWQtY29udHJpYnV0aW9ucy1uZGNzL25kYy1zeW50aGVzaXMtcmVwb3J0P3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zZ2VuZXJhdGUmc3RyZWFtPXRvcA/5d8a19e2fbd297461c3ce0b1B5c17afa8" target="_blank">UN analysis</a> Friday of nations' Paris pledges so far finds that they would bring only a 1% decline in emissions by 2030 compared to 2010 levels.</li><li>However, the UN noted that many large emitting nations had yet to submit revised pledges.</li></ul><p><strong>The intrigue:</strong> HSBC Global Research suggests those UN numbers, combined with looming scientific analyses from the UN-led Intergovernmental Panel on Climate Change, could create new pressures.</p><p>"We think these reports could be used as foundations for governments to formulate various policies, by influencing decisions and highlighting the urgency of action required to both curb emissions (mitigation) and prepare for the impacts (adaptation)," they said in a note.</p><h2>Charted: 2020's historic (and temporary) carbon decline</h2><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGUTZobjI3NFNxMldMeVdDQUhfRUJBcjBRcV93JTNEJTJGMjAyMSUyRjAzJTJGMDQlMkYxNjE0ODY3MDE2ODIwLnBuZyZhbXA7aG89aHR0cHMlM0ElMkYlMkZpbWFnZXMuYXhpb3MuY29tJmFtcDtzPTc5JmFtcDtoPTFiZTZhODQ5ZmJhOGEzZDE1MjkyNzJkMjcyYzg1MWYzNTVjN2U5M2NlMzYzZjRlYzExNjU4MTZkYmRhYzRkNjImYW1wO3NpemU9OTgweCZhbXA7Yz0zMjczODE2MTc3IiwiZXhwaXJlc19hdCI6MTY0OTg5ODI3MX0._yaB6KV0XuIgKyEYlWT6BE_MxDHWSzRt4yV-lsRNQQI/img.jpg" id="20a9a" class="rm-shortcode" data-rm-shortcode-id="dd81e33faa7ff30d5c526265414d9670"> <p><strong>The same analysis</strong> in <em>Nature Climate Change</em> is also a window onto last year's historic decline in CO2 emissions.</p><p>It finds that global emissions from fossil fuels declined by about 7% last year. The chart above shows the historically steep annual drop.</p><p><strong>Yes, but:</strong> They're <a href="https://link.axios.com/click/23109343.55173/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2NhcmJvbi1lbWlzc2lvbnMtcHJlLXBhbmRlbWljLTMzNWVlNDZkLTA4Y2EtNDc3ZS1hMjIwLTMzZDM1NGVhNTBjMy5odG1sP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zZ2VuZXJhdGUmc3RyZWFtPXRvcA/5d8a19e2fbd297461c3ce0b1C1b190980" target="_blank">already rebounding</a> to pre-COVID levels, per IEA.</p></div>
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Mar. 04, 2021 12:26PM EST
How the tech stock selloff is hurting average Americans
Data: FactSet; Chart: Axios Visuals
Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.
Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.
<ul class="ee-ul"><li>That was all fine and good when Big Tech shares were booming higher, pushing their valuations to absurd levels, but the sea change in markets since the beginning of February has reversed that trend.</li></ul><p><strong>What we're hearing: </strong>“While the S&P 500 may be facing structural headwinds due to tech weakness, much of the rest of the market is actually doing quite well,” Tom Essaye, founder of Sevens Research, said in his daily Sevens Report. </p><ul class="ee-ul"><li>“Overall, most non-tech stocks are weathering the increase in bond yields quite well.”</li><li>Essaye points out that while growth sectors like tech are barely positive for the year after a rough couple of weeks, value stocks and the S&P equal weight index (which gives all companies in the S&P 500 equal weighting rather than weighting them by their market capitalization) have delivered returns about double the S&P 500's.</li></ul><p><strong>By the numbers: </strong>Five companies — Microsoft, Apple, Amazon, Alphabet and Facebook — make up almost 25% of the market cap for the S&P 500, the U.S. benchmark index, and as more investors move toward passive investing, a greater share of their money is following these companies.</p><ul class="ee-ul"><li>As of December 2019, $4.6 trillion was indexed to the S&P 500, according to <a href="https://www.spglobal.com/spdji/en/documents/index-news-and-announcements/spdji-indexed-asset-survey-2019.pdf" target="_blank">data from S&P Global</a>, and $6.6 trillion was benchmarked to the index. </li><li><a href="https://www.cnbc.com/2019/06/28/80percent-of-the-stock-market-is-now-on-autopilot.html" target="_blank">Passive investing accounted for more than </a>60% of equity assets in December 2019 — with the majority linked to the S&P — and passive investing has grown since then.</li></ul><p><strong>The bottom line:</strong> Rising bond yields may not be bad for the economy or the stock market overall, but they have certainly been bad for the average Americans' stock holdings and retirement accounts.</p></div>
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