The U.S. yield curve is flirting with another broad-based inversion again, reigniting fears that a downturn may be coming after all. But there’s another theory of the case gaining adherents: That the signal might say more about the state of the world than America. —David E. Rovella

Here are today’s top stories

The death toll from the coronavirus has exceeded 1,000, and the pathogen now has an estimated mortality rate of 1%. Here’s a map tracking its spread, and here’s another tracking its economic impact.

Senator Bernie Sanders is leading the Democratic field for the 2020 nomination and former Vice President Joe Biden lost his front-runner status in a national poll taken after the Iowa caucuses. The New Hampshire primary is Tuesday.

Oil fell below $50 a barrel, hitting its lowest level in more than a year as prospects for an emergency OPEC meeting withered. Meanwhile, the coronavirus is already denting global demand.

President Donald Trump released the annual U.S. budget, proposing deep cuts to programs for the poor but enough spending increases to push gross federal debt above $30 trillion over the next decade.

Euphoria around Bitcoin’s break above $10,000 this past weekend appears to be short-lived.

The retail apocalypse is beginning to put pressure on high-end malls, a grim new sign in the demise of brick-and-mortar retail.

What’s Lorcan Roche Kelly thinking about?The Bloomberg cross-asset editor is considering the national election in Ireland, which saw Sinn Fein win the popular vote. The party ran on a health and housing platform, two issues that have resonated with voters. The election results mean the traditional parties will likely become more active on the issues of housing and health as well. No wonder, Lorcan says, that Irish banks and property stocks were among the hardest hit Monday morning.

What you’ll need to know tomorrow

Singapore becomes a model for dealing with the coronavirus.
Catastrophic fires released billions of tons of CO2 last year.
Carl Icahn criticizes the SEC’s proxy overhaul as a step backward.
Amazon hires Sony executive Mike Hopkins to lead its studios unit.
Bloomberg Opinion: How Xerox might get HP to the table.
Businessweek: Falling U.S. household size may be bottoming out.
Garlic prices are jumping in Indonesia. Here’s why.

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Self-reflection will make you a better leader. Setting aside 15 minutes at the end of each day can help you prioritize, prepare, and build a stronger team. Here are 8 questions you should ask yourself this evening.

What you’ll want to read in Bloomberg Hyperdrive

The Residential Garbage Truck Gets a Makeover

Volvo has something a little chunkier in mind than a sleek Model 3 when it comes to its new, battery-powered garbage truck. The Swedish company will start producing electric versions of its brawny trash haulers next month starting with Europe, with cities from Hamburg to Gothenburg to Zurich already signed up to buy. Volvo says it expects its two new electric models, which can be used for a variety of heavy-duty urban jobs, to do well because they’re emissions-free and much quieter than diesels.

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