The Fed plans to keep pumping cash

Welcome back to Axios Business. Yesterday was the 3-year anniversary of my Axios Pro Rata Newsletter. Thanks so much for reading, whether you were here for the debut issue (we led with a scoop about MuleSoft prepping an IPO), or if this is the beginning of our inbox relationship.

If you're not currently subscribed to Pro Rata, you can sign up here. Let's get into the news:

• ????1 Iran thing: The U.S. has announced additional sanctions on Iran targeting  "any individual owning, operating, trading with or assisting sectors of the Iranian economy, including construction, manufacturing, textiles and mining."
• ??1 jobs thing: The U.S. economy added 145,000 jobs in December and the unemployment rate held at a 50-year- low of 3.5%.
• ??1 private equity thing: U.S.-based private equity firms raised more than $300 billion for new funds in 2019.

?? For more on the news of the day, sign up for one of our Axios newsletters.

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1 big thing: The Fed plans to keep pumping cash

By: Dion Rabouin ? Newsletter: Axios Markets (sign up here)

The New York Fed added $83.1 billion in temporary liquidity to financial markets Thursday, and the U.S. central bank looks primed to keep pumping cash for at least the next few months.

Why it matters: The stock market's 30% gain in 2019 was in no small part backed by the Fed's decision to cut U.S. interest rates three times and inject more than $1 trillion of temporary financing into the repo market. It also added more than $400 billion to its balance sheet in the fourth quarter.

Go deeper: Read the full story

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2. Wine industry begs Trump administration to forgo huge trade war tariffs

By: Felix Salmon ? Newsletter: Axios Edge (sign up here)

Illustration: Sarah Grillo/Axios

The wine industry descended on Capitol Hill this week in a last-ditch attempt to avert 100% tariffs on all EU wines — as well as cheeses, cosmetics and other consumer products.

Why it matters: The U.S. has declared its intention to impose these tariffs as retaliation against the way that European nations illegally subsidized Airbus. But if they go into effect, the brunt of the pain will be borne not by European companies, but by Americans.

Go deeper: Read the full story

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3. Tech platforms struggle to police deepfakes

By: Sara Fischer ? Newsletter: Axios Media Trends (sign up here)

Illustration: A?da Amer/Axios

Facebook, TikTok and Reddit all updated their policies on misinformation this week, suggesting that tech platforms are feeling increased pressure to stop manipulation attempts ahead of the 2020 elections.

Why it matters: This is the first time that several social media giants are taking a hard line specifically on banning deepfake content — typically video or audio that's manipulated using artificial intelligence (AI) or machine learning to intentionally deceive users.

Go deeper: Read the full story

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