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Mr. Warsh is known as a consensus builder, skills he will need if he is to head the Federal Reserve when President Trump is demanding rock-bottom rates.
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Why Wall Street is unhappy with Trump's pick for Fed chair AxiosKevin Warsh Has a Tough Job Ahead. It's Not the First Time. The New York TimesKevin Warsh's Three Tasks: Shrink the Fed, Tame Inflation, Manage the President. The Wall Street JournalHow a Famed Economist Views Kevin Warsh for Fed Chair PoliticoWhy Gold and Silver Crashed After Trump Named Fed
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The West's water war arrives in Washington PoliticoFate of Colorado River hangs in balance as political battle brews The Washington PostWhat's at stake as Utah, 6 other states seek new Colorado River deal KSL.comGovernors Dive Into an Impasse Over Colorado River Water Use The New York TimesWill federal intervention save the Colorado River from federal control? Deseret News
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Canada's Poilievre sweeps Conservative party leadership test with 87.4% BBCPierre Poilievre Is Retained as Leader of Canada's Conservatives The New York TimesCanada's Conservatives keep Poilievre as leader despite election loss ABC NewsBell: Alberta separatism on the front burner, Poilievre scores 87.4% support Calgary Herald
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Compare 25 AI models in one platform starting at $39.
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Sell America Is the New Trade on Wall Street The New York TimesDollar Slide a Sign of Global Investor Hedging, Federated Says Bloomberg.com‘Sell America': is US market supremacy under threat? The EconomistThe 'depreciation trade' is making a comeback, are U.S. assets facing a 'quiet exit'? ????Is the world losing faith in the US economy? ThePost.co.nz
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If you're missing this daily time block, you are operating more as an overpaid manager than a leader.
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Partial government shutdown begins as funding lapses despite Senate deal CBS NewsUS government partially shuts down despite last minute funding deal BBCWhat to know about the partial government shutdown and its impact AP NewsSenate Passes Deal to Fund Government and Negotiate ICE Limits The New York TimesUS governmen
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It was a choppy start to the short trading week, with stocks spending time in both positive and negative territory Tuesday. Bears gained the upper hand in the afternoon, though, with the three major indexes ending another day in the red.
SEE MORE The ESG Investing Backlash
Although this week's economic calendar is fairly thin, data from the Institute for Supply Management (ISM) this morning showed that activity in the services sector ticked up to 56.9% in August - the highest level since April - from July's 56.7%.
"This is the most recent piece of data to suggest the economy remains resilient and as such the market takeaway is that this gives the Fed more room to continue raising rates," says Michael Reinking, senior market strategist for the New York Stock Exchange. "Futures markets are now pricing in a 75% chance of a 75 basis-point hike later this month from a coin flip late last week." A basis point is one-one hundredth of a percentage point.
In reaction to today's ISM data, the 10-year Treasury yield rose to its loftiest level since mid-June. This, in turn, weighed on shares in the communication services (-1.3%) and technology (-0.6%) sectors, with names such as streaming giant Netflix (NFLX, -3.4%) and chipmaker Intel (INTC, -2.8%) seeing notable declines.
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As for the major indexes, the tech-heavy Nasdaq Composite fell 0.7% to 11,544, its seventh straight loss.
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