The Federal Reserve and other central banks are heading for a collision with shadow lenders: the firms with a sinister nickname that are increasingly dominating global finance. Even as policymakers struggle to reopen economies amid the pandemic, they’ve launched a review of what went wrong with markets in March, when a worldwide scramble for cash almost crashed the global financial system. The potential culprits? Hedge funds, money market funds and mortgage originators. “We need a new Dodd-Frank,” said former Fed Chair Janet Yellen. —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 storiesUnited Parcel Service is building two giant freezer farms capable of super-cooling millions of vials of Covid-19 vaccine, preparing for the day when it will need to deliver the medicine at high speed across the globe. Here is the latest news on the pandemic, as the death toll approaches 700,000.President Donald Trump has no intention of “peacefully” transferring power if he loses the November election, according to House Majority Whip James Clyburn. The dollar is flashing a warning sign. After hitting an all-time high in March, a gauge of the greenback lost 10% of its value, with declines accelerating in recent weeks as coronavirus infections spread sseemingly unchecked across America. Data this week could confirm how Sweden’s contentious decision to avoid a full lockdown at the start of the pandemic has spared its economy from the worst of the fallout. Whether you find him admirable or obnoxious, Elon Musk is having a fantastic year. Google is buying a $450 million stake in home security firm ADT, forming a partnership that could get the tech giant’s smart-home products in front of millions of new customers. The operator of America’s ubiquitous 7-Eleven convenience stores is betting $21 billion on the future of quick-stop shopping, buying Marathon Petroleum’s gas-station business and adding 3,900 Speedway outlets.What you’ll need to know tomorrowBankrupt: Men’s Warehouse, Jos. A. Bank, Lord & Taylor and malls.Bloomberg Graphics: Who the climate crisis will kill, and where.Europe’s three top economies stop short of banning China’s TikTok.This is what it’s like to be Black on Wall Street.Johnson & Johnson has a spray for the suicidal.Dwayne “The Rock” Johnson helps buy XFL football league.Meet the world’s richest families. Sponsor Content by AllianceBernstein Low yields plus rising defaults seemingly leave little ground for bond investors seeking safety or income—or both. But for investors who remain flexible, these objectives aren’t as distant as you may think. Read our midyear bond investing outlook. What you’ll want to read in Bloomberg Pursuits
In an automotive universe completely reconfigured after pandemic shutdowns stalled production lines and hit new-car sales with massive declines, here’s one area the coronavirus hasn’t hurt: the values of, and market demand for, classic and collectable sales. Have a hankering for a Ferrari 1966 Ferrari 275 GTB Longnose? It will set you back $3 million. Stay on your game. Subscribe to Bloomberg.comtoday and get complimentary access to The Athletic. What's moving markets in Asia? Sign up to get the latest in your inbox each morning, Hong Kong time. 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. | 