The Federal Reserve and other central banks are heading for a collision with shadow lenders: the firms with a sinister nickname that are increasingly dominating global finance. Even as policymakers struggle to reopen economies amid the pandemic, they’ve launched a review of what went wrong with markets in March, when a worldwide scramble for cash almost crashed the global financial system. The potential culprits? Hedge funds, money market funds and mortgage originators. “We need a new Dodd-Frank,” said former Fed Chair Janet Yellen. —David E. Rovella

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Here are today’s top stories

President Donald Trump has no intention of “peacefully” transferring power if he loses the November election, according to House Majority Whip James Clyburn.

The dollar is flashing a warning sign. After hitting an all-time high in March, a gauge of the greenback lost 10% of its value, with declines accelerating in recent weeks as coronavirus infections spread sseemingly unchecked across America.

Data this week could confirm how Sweden’s contentious decision to avoid a full lockdown at the start of the pandemic has spared its economy from the worst of the fallout.

Whether you find him admirable or obnoxious, Elon Musk is having a fantastic year.

Google is buying a $450 million stake in home security firm ADT, forming a partnership that could get the tech giant’s smart-home products in front of millions of new customers.

What you’ll need to know tomorrow

• Bankrupt: Men’s Warehouse, Jos. A. Bank, Lord & Taylor and malls.
• Bloomberg Graphics: Who the climate crisis will kill, and where.
• Europe’s three top economies stop short of banning China’s TikTok.
• This is what it’s like to be Black on Wall Street.
• Johnson & Johnson has a spray for the suicidal.
• Dwayne “The Rock” Johnson helps buy XFL football league.
• Meet the world’s richest families.

What you’ll want to read in Bloomberg Pursuits

Pandemic Hasn’t Dented Classic Car Price Tags

In an automotive universe completely reconfigured after pandemic shutdowns stalled production lines and hit new-car sales with massive declines, here’s one area the coronavirus hasn’t hurt: the values of, and market demand for, classic and collectable sales. Have a hankering for a Ferrari 1966 Ferrari 275 GTB Longnose? It will set you back $3 million.

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