The Biden administration is reportedly preparing a series of infrastructure, anti-inequality, environmental, and family-focused initiatives that could involve a combined $3 trillion of spending, though details “remain in flux” - NYTimes and WSJ and MarketWatch and Bloomberg

Microsoft is in talks to purchase Discord, the social media chat app favored by gamers, for $10 billion. The acquisition would add to Microsoft’s gaming business, which it has “bolstered . . . with deal making” in recent years - NYTimes and Bloomberg and MarketWatch

Fed Chair Powell plans to tell the House Financial Services committee during prepared remarks later today that the Fed’s “swift and vigorous action” in response to the Covid crisis helped avoid the worse of the potential economic fallout - NYTimes and WSJ and Bloomberg and MarketWatch

He’ll be joined on the Hill by Treasury Secretary Yellen, and they’ll have lots to cover - Bloomberg and WSJ

And, it starts . . . . Microsoft became one of the first big non-finance companies to announce plans for bringing its workers back to the office—in its case, starting as soon as next week, “while also acknowledging that work life may never be the same” - NYTimes and WSJ

Speaking of that finance crew, new Citi CEO Jane Fraser is making an early mark on the bank with a directive banning internal video calls on Friday and encouraging vacations “in an effort to combat workplace malaise brought on by the coronavirus pandemic” - Bloomberg

Meanwhile, over at Goldman, DJ D Sol may need more than an in-house reset day to ease the plight of junior bankers - NYTimes

UK-focused food-delivery service Deliveroo has set a price range with “an upward valuation of $12 billion” for its coming London IPO. Amazon holds a 16% stake in the company, that could hit the markets as soon as the end of the month - WSJ

Apollo Global Mgmt announced on Monday that Epstein-linked co-founder Leon Black would be leaving the PE giant entirely, “just two months after he said he would remain chairman following the revelation he paid more than $150 million” to Epstein. Black cited its wife’s health as his reason for giving up the chair position and leaving his CEO role “several months earlier than his previously announced July exit.” Former SEC chief Jay Clayton will step into the Board Chair role - NYTimes and WSJ and Law360

The White House has made good on weeks of speculation by nominating “vocal critic of Big Tech” Lina Khan to an open seat on the F.T.C. - NYTimes and Law360 and TechCrunch

The New Yorker dives deep on what lies ahead for HGTV, the end-of-the-day salve that has been working overtime during the pandemic to sooth frazzled Americans. Though rising to the near-top of the cable landscape, the network finds itself on a dying medium. Can it reno itself? Stay tuned - NewYorker

Stay safe.