Former Vice President Joe Biden surged in Super Tuesday elections yesterday, winning contests in nine of 14 states and sweeping southern states. Sen. Bernie Sanders (I-VT) won four of the remaining contests, including California, the night's biggest prize. Maine, where Biden held a slight 0.8% lead, was too close to call as of this morning. Biden scored upset wins in Texas, where Sanders entered the day leading in the polls, and Minnesota, on the heels of an endorsement by former candidate Sen. Amy Klobuchar (D-MN). The evening finished with Biden leading Sanders in delegate count 453-382 (final results must wait on all districts to report), a dramatic turnaround from one week ago when Biden was coming off disastrous early performances. Sen. Elizabeth Warren (D-MA) and Mike Bloomberg took just over 40 delegates apiece; Bloomberg has a news conference scheduled today to discuss his campaign.
Feds Slash Rates
The US Federal Reserve slashed its benchmark interest rate by a half point to 1-1.25% yesterday, a surprise move meant to buffer the economic fallout from the global coronavirus outbreak. The move allows commercial banks to borrow money from the Fed at a cheaper cost, which they use to make loans to individuals and businesses at lower rates, with the overall intended effect of boosting the economy (see 101). Typically, the Fed moves (or holds steady) rates at regularly scheduled meetings; yesterday's decision was the first nonscheduled cut since the 2008 recession. The impact of lower rates is uncertain, as the outbreak has disrupted ($$, HBR) global supply chains and kept workers at home, factors that are difficult to address through monetary policy. The US markets didn't add much clarity, tumbling despite the Fed's announcement (DJIA -2.9%, S&P 500 -2.8%, Nasdaq -3.0%).
Deadly Tennessee Tornadoes
The death toll from deadly storms that ripped through central Tennessee early Tuesday morning rose to at least 24, with Gov. Bill Lee warning the number was likely to rise as rescue and recovery efforts continued. At least two of the deaths came from a tornado spawned by the storms that raked through the east side of downtown Nashville (see damage), causing widespread damage and collapsing about 50 buildings. Officials estimated the tornado to be at least EF-3 in strength, with sustained winds up to 160 mph. It was the third on record to touch down in the city, following outbreaks that swept through the region in 1933 (44 deaths, 460 injured) and 1998 (12 deaths, 121 injured). The 1998 storm generated a pair of EF-3 tornadoes that ripped through East Nashville, causing more than $100M in damage but also sparking an eventual economic revitalization in the area.
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In the Know
Sports, Entertainment, & Culture
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Science & Technology
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Business & Markets
> Robinhood, commission-free trading app with 10 million users, experiences second day of outages (More)
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Politics & World Affairs
> Russian President Vladimir Putin proposes attaching a constitutional ban on same-sex marriage to a broader referendum that would keep him in power past 2024; vote currently scheduled for next month (More)
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> International nuclear weapons watchdog says Iran has tripled its stockpile of low-enriched uranium, alleges country is hiding nuclear activities at three sites (More)
The boost you need.
Everyone can use a little boost in their skincare regimen. At least now you don’t have to break the bank on insanely expensive products just to feel and look your best.
Historybook: Antonio Vivaldi, violinist and composer, is born (1678); Jeannette Rankin becomes first female member of US House of Representatives (1917); Frances Perkins becomes secretary of labor, first female member of US Cabinet (1933); RIP actor and comedian John Candy (1994); RIP actor Luke Perry (2019).
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