Bloomberg

It’s been little more than a year since the coronavirus was first detected in the U.S., and in that time at least 500,000 Americans have died from it. Far exceeding its death toll from fighting during World War II, the massive loss of life represents one-fifth of all confirmed Covid-19 fatalities across the globe. Some 35% of those Americans who perished were its most vulnerable: the elderly. Many would die alone, separated from loved ones during their final days. This American tragedy, unprecedented in modern times, followed a series of missteps by the Trump administration, as well as some state officials. Starting with botched testing and a drumbeat of misinformation from President Donald Trump, infections and deaths rose as precautions were politicized and premature reopenings encouraged. The year ended with a slow and disorganized vaccine rollout by states left to fend for themselves while a third wave of viral catastrophe washed over the nation. To this day, some Americans still consider the pandemic a hoax. “It’s almost unbelievable,” Dr. Anthony Fauci said of the latest death toll. “But it’s true.” —David E. Rovella

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

Here are today’s top stories  

Italy extended a ban on movement between the country’s 20 regions to March 27, as Mario Draghi’s new government steps up a vaccination campaign. German Chancellor Angela Merkel’s government is weighing as much as 50 billion euros ($61 billion) in additional spending to fight the impact of the virus. The World Health Organization said the last six weeks have seen a “positive decline” in the spread of the virus worldwide, but cautioned against reopening too soon. Vaccines appear to protect against severe illness in almost all cases, including from variants, the WHO said, but it’s not yet clear that they halt transmission. Here is the latest on the pandemic.

Elon Musk’s embrace of Bitcoin earlier this month rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend however whipsawed the funny money.

U.S. Treasury Secretary Janet Yellen and Fed Chair Jerome Powell appear wary of signs of froth in financial markets. But that isn’t stopping them from pressing ahead with the latest coronavirus bailout measures that skeptics fear will add more fizz to the froth.

Yellen said President Joe Biden favors boosting taxes on companies and signaled openness to considering raising rates on capital gains. However, the administration is steering clear of proposing a wealth tax.

Treasury Secretary Janet Yellen and Fed Chair Jerome Powell

Photographer: Chandan Khanna/AFP

The Biden administration and Democrats are moving quickly to pass their $1.9 trillion rescue package. In its defense, the White House’s chief economic adviser contends the threat of long-term damage to the U.S. labor market outstrips any potential for inflation.

How quickly is global warming accelerating? It’s February, and a tanker just sailed the northern sea route across the Arctic, a novelty this time of year. The ship was returning to Russia after having delivered liquified natural gas to China.

The Moreira Salles name is known throughout Brazil. But few elsewhere are familiar with the family office that manages a vast fortune. Powered by mining, it’s a $6 billion money machine.

What you’ll need to know tomorrow 

What you’ll want to see in Bloomberg Hyperdrive

Watch the Dramatic Mars Rover Landing in HD

The successful Mars landing of the rover Perseverance on Feb. 18 provides the U.S. with the chance to accomplish several firsts: a drone helicopter flight on another planet, access to an ancient river delta that may yield microbial fossils, and the most exciting feat of all for the Internet Age: high-definition video of touchdown on another planet.

Photographer: NASA-JPL/Bloomberg

Photographer: NASA-JPL/Bloomberg

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The Bloomberg Crypto Summit: With Bitcoin burgeoning and markets jumping as vaccines signal the coming end to the pandemic, the future of digital assets is bright. Join us Feb. 25 as we analyze what it takes to push cryptocurrencies into the portfolios of the world’s largest investors. Sponsored by BitGo and Grayscale Investments. Register here.

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