A $750 billion industry still struggling to bounce back from the last financial crisis is cracking under the Federal Reserve's lower-for-longer mantra on U.S. interest rates. Prime money-market funds, a long-time favorite for anyone seeking a cash-like investment with a little extra yield, are facing an existential challenge just four years after a regulatory overhaul. Earlier this year, assets in these vehicles dropped 20% in only six weeks, spurring talk of new reforms. But some of the industry's leaders are opting for another solution: Shutting them down. —David E. Rovella Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter. Here are today's top storiesU.S. technology shares tumbled as volatility continued to grip financial markets after a torrid five-month rally. Tesla stock slid after the electric-vehicle maker missed out on being included in the S&P 500 Index, taking investors who had bet on its entry to the benchmark by surprise. JPMorgan says it's probing the role of some employees who may have enabled misuse of Covid-relief funds in what it calls potentially illegal activities. Democratic presidential nominee Joe Biden is launching a new push on economic issues as polls show voters beginning to trust his approach to reversing the job losses and manufacturing contraction brought on by the coronavirus recession. President Donald Trump said he'd support an investigation of a new set of allegations against his postmaster general, megadonor Louis DeJoy. A report over the weekend said DeJoy may have illegally reimbursed employees of his logistics company for Republican campaign donations. DeJoy is already being sued by more than 20 states and investigated over his efforts to reduce U.S. Postal Service capacity ahead of a November election that may feature millions of mail-in ballots. Some members of Congress have called for a criminal probe of DeJoy for what they allege is a broader effort by the Trump administration to disenfranchise Americans afraid to go to the polls for fear of contracting the coronavirus.  Louis DeJoy Drugmakers racing to produce Covid-19 vaccines pledged to avoid shortcuts on science as they face pressure from the White House and elsewhere to rush a shot to market. In an unusual public letter, the companies agreed to submit the vaccines for clearance only when they're shown to be safe and effective in large clinical studies. The chief executive officers of nine frontrunners signed the pledge. There's a paradox at work as the coronavirus widens health and financial inequalities and worsens food poverty: many people are eating more, and what they are consuming is far from healthy. If the global rise of unhealthy eating and obesity isn't tackled, related health costs will exceed $1.3 trillion a year in the next decade. Here is the latest on the global pandemic. House Speaker Nancy Pelosi labeled Republican Senate Majority Leader Mitch McConnell's proposal for a second coronavirus rescue package "fraudulent." Democrats labeled it a "check-the-box" effort to give endangered Republican incumbents cover in the November election. McConnell said the bill is "focused on some of the very most urgent health-care, education and economic issues." What you'll need to know tomorrow What you'll want to read tonightDriven by frugality, product shortages and lots of time at home, millions are embracing raising chickens, pigs and beekeeping, among other things. They are gobbling up content, like a YouTube series on growing food that had a 10-fold jump in subscribers in 48 hours. Meanwhile, sales more than doubled at Etsy and revenue gains at Home Depot and Lowe's are the highest in decades. And if you're looking for a pressure canner or mason jars, good luck: they're often sold out.  Like Bloomberg's Evening Briefing? Subscribe to Bloomberg All Access and get much, much more. You'll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. Join us for the Bloomberg Equality: Now or Never virtual event on Sept. 23, one in a series of uncomfortable conversations amid the global reckoning over systemic racism, creating true equity and building a more just world. LL Cool J is one of our featured speakers. Register here. Download the Bloomberg app: It's available for iOS and Android. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.
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