5 things to start your day

[Bloomberg]( Powell’s speech due, Macron has hopes for the G-7, and Hong Kong is causing global worries. Fed Features You may have heard by now that Federal Reserve Chairman Jerome Powell is going to speak in a place called Jackson Hole and that investors are hoping for assurance of further interest-rate cuts. And just when we thought folks couldn’t get more antsy, three regional Fed presidents have [pushed back against the idea]( that the U.S. needs more policy easing. A fourth said he wanted to avoid taking further action “unless we have to,” foreshadowing a sharp debate among officials ahead of September’s meeting. G-7 French President Emmanuel Macron has high hopes for the Group of Seven meeting he’s hosting this weekend. [The burning Amazon]( and [the slowing global economy]( are on his list of things to tackle, but a spate of local issues may stand in the way of a unified response from policy makers. President Donald Trump is facing domestic criticism for a whole array of comments this week. U.K. Prime Minister Boris Johnson has to balance his bond with Trump while he’s at odds with European allies over Brexit. Italy has lost its PM. Germany risks recession. But maybe there is hope! A couple of meetings this week sparked *a little* optimism for an orderly exit for the U.K. from the European Union, for example. And if heads of state can’t agree on anything, it looks like the fashion industry can. Giants representing more than 30% of the industry’s output, including Nike and Chanel, have [signed a pactÂ](to eliminate disposable plastic packaging and transition to 100% renewable energy by 2030. It’s one of several private sector accords set to be unveiled at the summit. Sponsor Content by Hewlett Packard Enterprise When you think of artificial intelligence, "future of technology" or maybe "robot overlords using us for our carbon” might spring to mind. But when game developers think of AI, they think of something altogether different. In gaming, AI is what puts life into a game, and it’s changing the way video games work. [6 ways AI is making a dramatic impact on video games.](  Hong Kong Harvard University economist Carmen Reinhart is worried about Hong Kong. Three months of political turmoil could prove a [tipping point for the world economy]( and it won’t necessarily take a dramatic event to do some significant damage, Reinhart told Bloomberg TV’s Kathleen Hays. Anti-government protests are pressuring Hong Kong’s economy, which was already being squeezed by China’s slowdown and the trade war.  Reinhart’s not alone. Boston Fed President Eric Rosengren said Hong Kong’s crisis is on his global worry list as problems there “could spill over in a broader sense into international markets.” The [days ahead could be crucial]( for Chief Executive Carrie Lam. Students driving the demonstrations are set to return to universities and schools in the first week of September. Markets Ahead of the monetary festival, it’s risk-on. Shares in Hong Kong posted a 0.5% gain while the Topix index closed 0.28% higher. Europe's Stoxx 600 Index is up this morning. S&P 500 futures are higher. The yield on 10-year Treasuries was 1.640% and gold was little changed. Coming up… The [Jackson Hole symposium]( continues after Powell with European Central Bank Director General Frank Smets on a panel at 12:55 p.m. Eastern time and Bank of England Governor Mark Carney at 3 p.m. And the fun continues Saturday with Bank of Australia Governor Philip Lowe and Bank of Israel Governor Amir Yaron. What we've been reading This is what's caught our eye over the last 24 hours. - [Beijing’s crackdown]( on Cathay Pacific sends a chilling message. - Why stay at a hotel when you can have a [Star Wars]( “space cruise.” - Qantas is testing [how the human body holds]( up during a 20 hour flight. - Rival parties in [Italy]( have until Tuesday to form a coalition. - Maybe it isn’t a [bond bubble after all](. But what can burst it if it is? - The [pound could find a floor]( at $1.17 in an overwhelmingly short market. - [London homes]( are becoming more affordable but buyers may not have noticed. - Is a [nonprofit drug maker](’s TB antibiotic a sign of things to come? And finally, here’s what Luke's interested in this morning The prelude to the most important Federal Reserve speech outside of interest rate decisions has been a host of [remarks]( from regional reserve presidents that do not appear to be a fair representation of the median voter. In a Bloomberg interview on Wednesday, Boston Fed chief Eric Rosengren wants to see evidence of a slowdown before easing. Another July dissenter, Kansas City Fed president Esther George, said it’s not time for more cuts. Philly’s Patrick Harker said he was “somewhat reluctantly” going along with the crowd in lowering the policy rate last month. Non-voters came out after the June meeting to express discontent with the way a cut had been teed up. If you know you’re losing the battle within the Fed, influencing the contours of the discussion via the public bully pulpit is a card to play. That logic applies for dissenting members, non-voters, or any officials who think they aren’t in line with consensus. It’s an odd state of affairs that the Fed officials who are committing themselves to being behind the curve on adding accommodation – a disclination to ease until economic conditions visibly weaken – are, in many instances, the same ones were eager to tighten policy based on the expectation that inflation would accelerate because the unemployment rate was deemed to be unsustainably low. I must have missed the economics class where they taught that long and variable lags only apply in one direction. If the Fed is a company, the past few days have been tantamount to issuing negative guidance ahead of earnings that makes it easier to exceed expectations once the big day arrives. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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