Good morning. It's Thursday, Sept. 17, and residents along the Gulf Coast were left underwater yesterday by Hurricane Sally, the Fed makes a historic move, and college football will return to the Midwest. Have feedback? Let us know at [email protected].

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NEED TO KNOW

Sally Submerges Gulf Coast

More than 540,000 homes and businesses in Alabama and the Florida panhandle were without power overnight, and at least one person died, as an extremely slow-moving Hurricane Sally moved onshore yesterday morning. Now a tropical storm, Sally brought 105 mph winds to Gulf Coast communities while dropping torrential rains at a near standstill.

Officials in Pensacola, Florida, said 30 inches of rain fell—equivalent to four months worth—in just four hours. Nearly 400 people required rescue in the surrounding area, with water levels in the city peaking at five and a half feet above sea level. The storm knocked out a portion of the city's bay bridge and ripped loose a number of construction barges. Florida Gov. Ron DeSantis warned flooding threats would continue as the system causes rivers that drain to the Gulf to swell in coming days.

The nearly stalled storm has accelerated to a slow crawl, and is expected to drop 5-15 inches of rain across the Southeast as it moves toward the Carolinas. See photos of the damage here. 

Fed Zeros Out

The Federal Reserve announced yesterday it would likely hold interest rates near zero through 2023, a move meant to provide longer-term stability for an economy struggling to dig out of the coronavirus-induced downturn. 

Because commercial banks generally use money borrowed from the Fed to make loans to individuals and businesses, near-zero interest rates make it incredibly cheap for consumers to finance large purchases or start new businesses; in theory, jump-starting economic activity (see 101). Near-zero interest rates were historically rare—the Fed's sweet spot is 2%-5% in normal times—but were used as a de facto stimulus measure for about six years following the 2008-09 recession (see data).  

Kind of know what the Fed does, but kind of don't? Start here.

In related news, federal health officials told lawmakers distribution of a vaccine, once approved, wouldn't be widely available until the middle of 2021 (President Trump later contradicted the comments).

Big Ten Reverses Course

The Big Ten Conference announced yesterday they would hold an abbreviated college football season beginning Oct. 24, reversing an earlier decision to cancel the season. The change of heart follows intense pushback from coaches, players, and fans—and a decision by the ACC, Big 12, and SEC to play, leaving the Big Ten on the outside looking in. In a unanimous vote, league officials pointed to more widely available rapid testing. Players and coaches will undergo daily coronavirus testing; those testing positive will be held out for at least 21 days. Team and local positivity rates will also be considered (more details).

Each team will play nine games—eight regular-season games, with a conference championship and a unique slate of consolation games. The truncated season ends Dec. 19, making teams eligible for the College Football Playoff. The decision puts pressure on the Pac-12, which canceled the same day as the Big Ten.

In related news, men's and women's college basketball will return Nov. 25. 

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YOU ARE FEELING VERY SLEEPY

Some toss, some turn, some lie awake deep in thought, some sit mindlessly waiting for time to pass. We’re no somnologists—which we just learned is the medical term for sleep doctors—but we know a bad night’s sleep when we see (or experience) it.

So why not combat bad sleep before you even lie down? SugarBear Sleep makes vegan gummies formulated with eight sleep-enhancing ingredients (but who’s counting), to help you fall asleep faster, rest better, and wake up feeling more refreshed. You can check out the full blend of ingredients here.

SugarBear Sleep gummies are vegan, soy-free, gluten-free, cruelty-free, and made in USA. Check out the most robust vegan sleep supplement on the market today—and quit counting sheep forever.

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IN THE KNOW

Sports, Entertainment, & Culture

> Thomas Rhett and Carrie Underwood tie for Entertainer of the Year at 55th Academy of Country Music Awards (More) | Disney+ wins first Emmy as “The Mandalorian” picks up a statue on night three of the 2020 Creative Arts Emmys (More)

> Golf’s US Open begins today at Winged Foot Golf Club in New York; world No. 1 Dustin Johnson, Jon Rahm, and Justin Thomas are among the favorites to win (More)

> Peyton Manning and Charles Woodson highlight list of 130 nominees for the 2021 class of the Pro Football Hall of Fame (More)

Science & Technology

> Genetic study of Viking skeletons shows not all of the 10th-century warriors were Scandinavian; debunks theory the role was hereditary, showing it was more joblike in nature (More)

> Eli Lilly antibody treatment shows promising results in treating COVID-19 in early data; known as monoclonal antibodies, the drug is not a vaccine, but mimics the body's immune response (More)

> Facebook reveals plans for its Infinite Office, a workspace built entirely in virtual reality for work-from-home employees (More) | Company announces its Oculus Quest 2 VR headset will be available Oct. 13 for $299 (More) | ... and strikes an augmented reality deal with The New York Times (More)

Business & Markets

> Snowflake, the cloud-based data management provider,  soars 111% on its first day trading as a public company (More)

> US retail sales grow for the third straight month, up 0.6% in August (More)

> Shares of Spotify, the streaming music giant, drop 7% as Apple offers its Apple Music product as part of services bundle (More)

Politics & World Affairs

> New York City Mayor Bill de Blasio to furlough himself, nearly 500 staff for five days spread across six months as part of an effort to close a pandemic-induced $9B budget gap (More) | Florida scraps federal $300-per-week unemployment boost after being unable to meet the cost-matching requirement (More)

> India passes 5 million reported COVID-19 cases, on track to pass US as world leader at current pace next month; recorded deaths are half of US, at 82,000, but experts say the figure is undercounted (More) | See comparison here (More)

> United Nations investigators accuse Venezuelan officials, including President Nicolás Maduro, of human rights violations including arbitrary killings and torture; crimes came amid a crackdown on anti-government protests (More)

IN-DEPTH

The Billionaire Who Wanted to Die Broke

Forbes | Steven Bertoni. Chuck Feeney, the founder of retail giant Duty Free Shoppers, spent decades giving away roughly $8B to charity. He's finally down to about $2M—and he couldn't be happier. (Read)

Who Owns Florida’s Beaches?

Sarasota Magazine | Isaac Eger. Unbeknownst to many Floridians, roughly 60% of the state's coastline is in private hands, and in many areas—Sarasota County, for example—that number can reach as high as 80%. Ownership often extends to a fuzzy (and submerged) boundary, threatening many residents' right to stroll. (Read)

WE 8 BAD SLEEP

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ETCETERA

The 100 people transforming business (in North America).

Stunning northern lights among the best astronomy photos of the year.

Underwater cameras capture the weirdness of flamingos. 

From our partners: This company created a disposable, ultra-comfortable face mask using FDA-approved filtration technology. Get a package of them for just $4 or less per mask, depending on which option you choose. Order now. #Ad

Surreal melted objects capture the intensity of the West's wildfires.

Bacteria may give rise to animals' magnetic navigation.

Notorious B.I.G.'s famous crown sells for $600K at auction.

Humans of New York City—in masks.

Lamborghini unveils an electric go-kart. 

Clickbait: Are your rice paddies dirty? Hire 1,000 ducks.

Historybook: US Constitution is signed (1787); Harriet Tubman escapes from slavery for first time (1849); Actress Anne Bancroft born (1931); Camp David Accords signed providing framework for Egypt–Israel peace treaty (1978); Vanessa Williams becomes first Black woman crowned Miss America (1983).

"There was one of two things I had a right to, liberty or death; if I could not have one, I would have the other."

- Harriet Tubman

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