Fear of a fourth wave


For all the cautious optimism in the U.S. amid the receding third wave of the coronavirus, there was a sobering warning from health officials Friday: it could get very bad again. Citing the increasing spread of mutations both more easily transmitted and potentially more deadly, and infection rates that remain alarmingly high, the head of the Centers for Disease Control and Prevention cautioned states not to make the same deadly errors they made last spring, and to leave in place precautions like mask mandates and capacity restrictions. The fresh danger is in the numbers: While cases have indeed been falling since mid-January, the decrease has now stopped, holding steady at 70,000 new U.S. infections each day. Even worse, Covid-19 deaths have also stopped falling in recent days. On the vaccination front, the Johnson & Johnson single-dose shot is close to approval in the U.S., which would bring to three the number of available vaccines there. Nevertheless, CDC Director Rochelle Walensky urged vigilance: “We may be done with the virus, but clearly the virus is not done with us.” Here’s the latest on the pandemic. —Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America

Here are today’s top stories  

A major scramble is unfolding around a key provision in President Joe Biden’s $1.9 trillion economic bailout proposal: a $15 minimum wage hike. Democrats are running out of time after a procedural decision by the Senate parliamentarian would essentially exclude the provision from the bill. The House of Representatives is set to pass its version of the package with the wage hike. Progressives, including New York Representative Alexandria Ocasio-Cortez, contend there will be a political cost for dropping the widely popular increase. 

Saudi Arabia’s Crown Prince Mohammed bin Salman signed off on the brutal murder of Washington Post columnist and U.S. resident Jamal Khashoggi, according to a U.S. government report. The intelligence, which was withheld under President Donald Trump, reflects the Biden administration’s determination to reset relations with the world’s largest oil exporter over its human rights record. In addition, the White House said it was identifying 76 Saudi individuals who may be subject to sanctions under what it’s calling its new “Khashoggi policy.”

Saudi Crown Prince Mohammed bin Salman 

Photographer: Fayez Nureldine/AFP

After a tumultuous week, U.S. tech stocks rebounded as a global bond rout eased, sending the yield on 10-year Treasuries below 1.5%. Gains for Apple, Microsoft and Facebook helped lift the Nasdaq 100 slightly on Friday. So called meme-stocks are contributing to the worst environment for short sellers in recent memory. Here’s your markets wrap

An alleged Russian government-directed cyberattack on software maker SolarWinds was the focus of two Congressional hearings Friday. The security systems and practices of the Texas-based company are under harsh scrutiny after hackers leveraged purported weaknesses in its software to infiltrate U.S. government agencies and companies. At the hearing, SolarWinds CEO Sudhakar Ramakrishna said the company was still investigating, but had narrowed how hackers accessed their systems. 

In his first military action as president, Biden ordered an attack on sites in eastern Syria allegedly connected to Iranian-backed groups the U.S. government said were involved in recent violence in Iraq. Two F-15E Strike Eagles dropped seven precision-guided munitions, destroying nine facilities, the Pentagon said. Lawmakers were divided over the strike

An F-15 Eagle

Photographer: Senior Airman Gracie Lee/Digital

At 4.9 pounds of trash per person, per day, the U.S. is the most wasteful country on the planet. U.S. cities are struggling to rein in garbage while propping up pricey recycling efforts, all while more companies are profiting from America’s growing waste problem and leaving local communities to face the environmental consequences on their own. 

With the rise of remote work, it’s hard to quantify what the impact will be on employees. Bloomberg Citylab reports that employees who find themselves without an office tend to increase their own spending—on more room.

What you’ll need to know tomorrow 

What you’ll want to read tonight

The Chief Economist Tackling Unemployment

Thirty-six year old Janelle Jones is Biden’s pick to be chief economist at the Department of Labor. She’ll be the first Black woman to hold the job. It’s a little-known position, but one that given massive unemployment caused by the pandemic, will influence the future of millions of workers.

Janelle Jones 

Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

What's moving markets in Asia? Sign up to get the latest in your inbox each morning, Hong Kong time.

Download the Bloomberg app: It’s available for iOS and Android.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.

Older messages

Global selloff

Thursday, February 25, 2021

Bloomberg Follow Us Get the newsletter Tech shares led a rout in US stocks while the selloff in global bonds deepened, with the benchmark Treasury yield spiking to a one-year high and debt from the UK

Fed disruption

Wednesday, February 24, 2021

Bloomberg Follow Us Get the newsletter Johnson & Johnson's Covid-19 vaccine is safe and effective, US regulators said Wednesday. It's a key milestone toward giving Americans access to what

Bond-buying binge

Wednesday, February 24, 2021

Bloomberg Follow Us Get the newsletter Fed Chair Jerome Powell signaled that the US central bank was nowhere close to pulling back on its bond-buying support for the pandemic-damaged economy, even as

Half-million dead

Monday, February 22, 2021

Bloomberg Follow Us Get the newsletter It's been little more than a year since the coronavirus was first detected in the US, and in that time at least 500000 Americans have died from it. Far

Disaster, Texas style

Saturday, February 20, 2021

Bloomberg Follow Us Get the newsletter The big freeze across the Midwestern US may be thawing, but finger-pointing over the damage and death wrought by the likely climate-change fueled event has just

Drivers Got More Reckless During COVID-19. Now, Your Car Insurance Rates May Rise as a Result

Saturday, June 19, 2021

The good news: There are ways to lower your costs. June 19, 2021 INSURANCE Drivers Got More Reckless During COVID-19. Now, Your Car Insurance Rates May Rise as a Result The good news: There are ways to

Fed sends investors fleeing

Friday, June 18, 2021

Bloomberg It was another rough day for US markets. The S&P fell 1.9% in the biggest weekly drop since February, extending a bout of volatility ignited by surprise hawkishness at the Federal Reserve

How a Delay of Just One Year Affects Your Retirement Savings

Friday, June 18, 2021

Public Servant Student Loan Forgiveness delays June 18, 2021 At the beginning of my career, I made so little that I didn't participate in the 401(k) of the small community newspaper where I worked.

Shifting the Curve: Why Climate Matters More

Friday, June 18, 2021

Plus! Online-to-Offline; Consolidation; Unintended Consequences; Supply Chains as Banking Systems; International Software Nationalism ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

FTT Special: Celebrating Juneteenth

Friday, June 18, 2021

​ ​ Hi all, Jillian here. In June of 2020, there was a national awakening with regard to many of the injustices that the Black community face. Much of the discussion and outcry was rightfully centered

Waiting Just One Year to Start Saving for Retirement Could Cost You More Than $20,000

Friday, June 18, 2021

That means every extra year of savings will pay off big time. June 18, 2021 RETIREMENT Waiting Just One Year to Start Saving for Retirement Could Cost You More Than $20000 That means every extra year

Deadly delta waves

Thursday, June 17, 2021

Bloomberg The UK recorded the most coronavirus cases in one day since mid-February as a new wave driven by the highly transmissible and potentially more resistant delta variant takes shape. More than

😨 The next big crypto disruption

Thursday, June 17, 2021

Take that, NYSE | China throws mud against a wall | TOGETHER WITH Hi Reader, here's what you need to know for June 18th in 3:06 minutes. 👴 This ain't your daddy's 60/40 portfolio. Join

Money Cheat Sheet: Grow, Thrive, YOLO

Thursday, June 17, 2021

Plus, make this your summer of career clarity. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Black Americans Have Had Too Little Life Insurance for Decades. Here’s How One Agent Is Fighting That

Thursday, June 17, 2021

Atlanta insurance agent Ebony Ruffin on life insurance and financial planning challenges faced by Black families. June 17, 2021 INSURANCE Black Americans Have Had Too Little Life Insurance for Decades.