WARNING SHOT: More hikes coming

Fed Governor has worrying comments                                                                                                                                                                                                                                                                                                                                                                                                                 August 07, 2023 | [Read Online]( Dawn Report August 7, 2023 The economy added fewer jobs than expected, though unemployment remained low. Unemployment is at 3.5%, a bit lower than the 3.6% expected, but the economy is definitely slowing. That might actually be good news for those who are betting everything on the Federal Reserve cutting interest rates… The great danger was that the economy would overheat and therefore the Fed could strangle the economy in its crib. At the same time, one of the Fed’s more hawkish governors sent a shot across the bow. “I also expect that additional rate increases will likely be needed to get inflation on a path down to the FOMC’s (Federal Open Market Committee) 2 percent target,” said Governor Michelle Bowman. She doesn’t seem to be joining the jubilation about the state of the American economy. “The recent lower inflation reading was positive, but I will be looking for consistent evidence that inflation is on a meaningful path down toward our 2 percent goal as I consider further rate increases and how long the federal funds rate will need to remain at a restrictive level,” she said. One has to ask - is she serious? The Fed has been meeting with success, true… But 2 percent is insanely ambitious… The Fed may have given itself an impossible target… So that we could see a “failed policy” no matter what happens. Get What’s Yours, Jeff Bishop WORD ON THE STREET Half of Americans say the economy is still getting worse - So Much For Bidenomics - Despite positive coverage about the economy and enthusiasm from the White House, many Americans aren’t sharing in the economic recovery. A new CNN poll found 51% of Americans say the economy is still getting worse, with just a minority saying things are about the same. Only about 20% said things are getting better. - Don’t Bet Against Buffett - Berkshire Hathaway now has about $150 billion in cash. Operating earnings are up 6.6% from the same quarter last year. Last year, the company lost about $44 billion in this quarter, this year, net income was about $36 billion. - Fear Of A Pink Planet - Barbie will have made $1 billion at the box office going into this morning, a smash hit for Warner Brothers and Mattel. It’s the first billion-dollar movie for Warner Brothers Discovery, the entertainment powerhouse formed in 2022 after a merger. - Zuckerberg Lays Down The Challenge - “I’m ready today,” Mark Zuckerberg said about a potential fight with X and Tesla frontman Elon Musk. Zuckerberg said he doesn’t have time to work out, so he brings weights to the office and just lifts all day. Now that’s dedication. HOT SPOTS: What's Going on in Geopolitics - USA Confronts Sino-Russian Naval Patrol - Four U.S. Navy destroyers confronted a fleet of 11 Chinese and Russian ships that patrolled near Alaska. Senator Dan Sullivan of Alaska said it heralded a “new era of authoritarian aggression.” - And Wagner Will Answer! - Niger has called on Russia’s Wagner Corporation to defend its new post-coup government as the West increases threats of military intervention. An African regional bloc, ECOWAS, led by Nigeria, has threatened boots on the ground if Niger’s democratically elected president is not restored to power. - Canadian Port Back In Business - The International Longshore and Warehouse Union of Canada has approved a tentative agreement with West Coast ports, hopefully ending business disruptions. The agreement had been negotiated by the Canada Industrial Relations Board. CUTTING EDGE: What['](s Happening In Tech - Irony Alert - Zoom is demanding - get this - that employees go back to the office. All employees within 50 miles of a company office have been “requested” to come to the office at least two days a week. - Making A Lie Of The Meme - You know the joke. Join Twitter, get fired five years from now. Well, now, under “X,” Elon Musk says the rules have changed. “If you were unfairly treated by your employer due to posting or liking something on this platform, we will fund your legal bill,” he posted. “No limit.” - We’ll Always Have Halo - Cortana, the app Microsoft once thought would be the pseudo-AI helper we would all want, is gone. On Windows 11, a new update essentially ends it. “We will no longer support Cortana in Windows as a standalone app,” said Microsoft. Goodbye, queen, you were too pure for this world. FOR YOUR CONSIDERATION “As the war in Ukraine stagnates, Russia is expanding the battlefield.” Syria, Niger, and even Alaska. In the global competition between Russia and the United States, the battlefields are multiplying. Mr. X traces the contours of the new global conflict. [THE MINI WORLD WAR]( Enjoying Dawn Report? Learn something, made some money? SHARE YOUR STORY WITH US OR TELL US HOW TO SERVE YOU BETTER. 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