In defence of the bank holiday
Scrapping public days off is not a fiscal fix
International - Financial Times - Credit Squeeze
Powell paves way for Fed rate cut in September
US stocks and bonds rally as central bank chair says economic risks are ‘shifting’
Tariff revenue will cut US deficits by $4tn, fiscal watchdog says
Congressional Budget Office estimate offsets concerns about fiscal effects of Donald Trump’s tax bill
Canada to drop retaliatory tariffs on billions of dollars’ worth of US products
Prime Minister Mark Carney announces removal of 25% levy on many goods from neighbour
The twilight of the central banking elite
After several decades in which economic technocrats enjoyed a large degree of autonomy, they are under intense pressure from the Trump administration
Will Trump avoid a Republican backlash over his tariff plans?
The US president cannot prevent the pain of his protectionist agenda indefinitely — and midterm elections are looming
Germany falls back into ‘recessionary territory’ as second-quarter GDP revised down
Europe’s largest economy contracted 0.3% as exports and investment dropped
Postal services to stop sending low-cost parcels to US as duty exemption ends
Decision comes as Trump administration ends ‘de minimis’ tax exemption on August 29
FirstFT: Powell’s moment at Jackson Hole
Also in today’s newsletter, Santander’s Wall Street ambitions and OnlyFans’ revenues surge as it explores sale
Our Jackson Hole speech
Definitely not what Jay would say
South Africa’s ‘rhino baron’ accused of turning from breeder to smuggler
John Hume, who bred the world’s largest private herd of rhinoceroses, charged with selling millions of dollars of horns
Investing in emerging markets is back — is it different this time?
Developed markets have a debt problem — some investors are looking elsewhere
Hedge funds bet against European car firms as tariffs bite
Short positions rise as sector hit by trade war and Chinese competition
US retail giant Walmart warns Trump’s tariffs are pushing up costs
CEO Doug McMillon says group is watching its ‘costs increase each week’
The US needs a return to realism
Washington should dial down its global military involvement but must not retreat on trade at the same time
EU races to secure lower US tariffs on car industry
Washington refuses to reduce 27.5% levy until Brussels cuts duties on American goods
FirstFT: China to restrict Nvidia AI chip sales after Lutnick’s ‘insulting’ remarks
Also in today’s newsletter, US oil group’s Russia business grows, and trouble at Saudi Arabia’s snow mountain
Surprise uptick in Eurozone activity bolsters case for ECB to hold rates
Flash PMI reading rose in August for eighth month in a row as trade uncertainty peters out
Canada cultivates Nordic ties to offset reliance on US after Trump threats
Industry minister tours Sweden and Finland to explore commercial ties while also seeking to bolster Arctic security
Trump’s roving banditry will undermine the US economy
On tariffs and tax the president acts like a mafia boss, but not a very good one
Global Economy
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