THE SHOW NOTES: DNC Night Three, The Powell Speech, & Ukraine’s Counteroffensive In Russia

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Night Three: DNC

Tim Walz formally accepted the nomination as Vice President at night three of the Democratic National Convention. While we could write about how Bill Clinton looked old, the star power of Oprah Winfrey, or the goofy football references from Tim Walz, the third night of the DNC held a familiar pattern: ignore the economy.

David Brooks at The New York Times made this same point:

The Democrats are not making a mistake by talking about abortion, obviously, but Democrats are making a big mistake by not talking more about how to create a growing economy, which is the No. 1 issue on voters’ minds. This was another night when they seemed to have nothing to say about it.

Powell

All eyes are on the Jackson Hole Economic Symposium tomorrow where Jerome Powell will give the most consequential policy speech of the year regarding the Fed’s view of the American economy. Investors will be parsing every word of the Federal Reserve Chairman for any insight into the central bank’s thinking before next month’s meeting about interest rates.

While market indicators have priced in a nearly 100% chance of the Fed cutting rates, investors are differing on how aggressive the cut will be. Yesterday’s historic revision to the jobs report would appear to indicate that the labor market has softened more than the Federal Reserve expected which ostensibly alludes to a larger cut in interest rates.

While you may be aware of the historic jobs revision, Biden’s Secretary of Commerce was not:

Scott Jennings Hammers DNC On CNN

Ukraine’s Counteroffensive In Russia

Ukrainian troops said they are moving to encircle an estimated 3,000 Russian troops that are hemmed against a river in Russia’s Kursk province, seeking a fresh blow against Moscow in the third week of a surprise incursion.

Ukraine’s military said it used U.S.-supplied Himars rocket systems and explosive drones to strike pontoon crossings and bridging equipment as Russia scrambled to prevent the encirclement of its forces between the Seym river and the Ukrainian border.

Ukraine’s Aug. 6 incursion has embarrassed Russian President Vladimir Putin by seizing dozens of towns and villages across a territory as large as any Russia has captured in a year of offensives in Ukraine. Kyiv’s forces are now expanding their control along the border and striking Russian supply routes, as Moscow is ramping up counterattacks using massive glide bombs and troops rushed in from Ukraine and other parts of Russia.

Full story at The Wall Street Journal (paywall).

Trending news:

• Labor dispute stops Canadian rail freight and could cause economic disruption in U.S. - NPR

• Facing a National Shortage of Baby Formula, Trade Officials Opposed a Plan to Boost Imports - ProPublica

• ATM fees hit a record high for 4th straight year - The Hill

• RFK Jr wants administration job in return for endorsing Trump, super PAC says - Reuters

• Russia installs concrete shelters in Kursk region as Ukraine expands offensive - Politico

• Mpox Risks Heighten With Mosaic of Infection Patterns - MSN

• Starbucks brings back its pumpkin spice latte for the fall today — the drink's earliest ever release - Axios

• A California State Senate Committee has approved a bill to allow illegal migrants to buy homes with $0 down payments and 0% interest - X

• Three years after the fall of Kabul, this Paralympian hopes to inspire women around the world through her act of defiance - CNN

• No, the Biden Administration Is Not Manipulating Jobs Data - National Review

• The ugly conversion of Candace Owens - Unheard

• Palantir hires China hawk Mike Gallagher - Axios

• Biden Tried to Use Arms Sales to Pressure Israel. It Didn’t Work. - WSJ (paywall)

• Jack Daniel’s Maker to Stop Tying Executive Pay to Diversity Targets - Bloomberg (paywall)

Market snapshot: