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Good afternoon. Here's what you should know today, Aug. 27: | |
- Warnings over lethal fire risk in Maui went unheeded for years
- Novak Djokovic has a new rival
- Dating apps are betting people will pay up for the chance to never have to use them again
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1. The prospect of higher-for-longer interest rates looms over autumn on Wall Street. | |
| Federal Reserve Chair Jerome Powell's much-anticipated Jackson Hole speech did little to resolve the conflict gripping markets late this summer: whether a rapid climb in interest rates spells doom for the surprising 2023 stock-market rally. Futures markets show a growing expectation that rates could stay higher for longer, putting pressure on stocks (🔐read for free). This week, investors will parse a new release of the Fed's preferred gauge of inflation, the personal-consumption expenditures price index, as well as the monthly jobs report. They will also review earnings from Best Buy, Salesforce and Dollar General. | |
| Heard on the Street: Despite What Powell Says, the Fed Is Likely Done (Read) Why Central Bankers Are Unsure if They've Raised Rates Enough (Read) | |
2. Trump's election momentum is building, even as his legal problems mount. | |
| More than four months remain until the first presidential nominating contest in Iowa, and it appears more plausible that the former president might still be stopped by jail time or some unexpected issue, such as health, than by a fellow Republican candidate. His legal problems have resulted in waves of fundraising but are siphoning off valuable time and tens of millions in legal fees. On Monday, U.S. District Judge Tanya Chutkan in Washington will consider when to set a trial for Donald Trump on federal charges that he conspired to overturn the results of the 2020 election to remain in power. | |
| Why Tribalism Took Over Our Politics (Read) | |
3. Everybody knew Maui's invasive grass posed a deadly fire threat. Few acted. | |
| For years, local fire officials worried about the blanket of grassland overtaking the abandoned sugar plantations above Hawaii's ancestral capital. The highly flammable grasses—which are up to 10 times as dense as those commonly found on the mainland—had fueled a series of blazes in recent years. Then, earlier this month, the latest brushfire exploded into a devastating inferno that killed at least 115 people. County and state authorities failed to act on reports warning about the dangers of the grasses, according to a review of public records and interviews by The Wall Street Journal. | |
| After Lahaina Fire, Finding and Identifying Victims Proves Arduous (Read) | |
4. Commerce Secretary Gina Raimondo tests her expanded reach in Beijing. | |
| Raimondo has kicked off a four-day trip to China that will challenge her policy-making and diplomatic skills as well as her vision for what the Commerce Department can accomplish. An important part of her China mission will be to pave the way for a summit meeting between President Biden and China's Xi Jinping alongside a gathering of Asia-Pacific leaders in San Francisco in November. Raimondo is the last in a series of top lieutenants Biden has sent to China this summer to stabilize the fractious relationship. | |
| Gina Raimondo Says China Visit Aimed at Protecting U.S. Economic Interests (Read) Communist Party Priorities Complicate Plans to Revive China's Economy (Read) | |
5. Novak Djokovic will return to the U.S. Open with a new rival in his sights. | |
| After a career spent chasing Roger Federer and Rafael Nadal, Djokovic is settling into an explosive rivalry with Carlos Alcaraz. Far from being a thorn in his side, Alcaraz serves a useful purpose for a player like Djokovic, who thrives on high-level rivalries. Djokovic will face off with Alexandre Müller on Monday, the first day of the tennis tournament. | |
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🗨 Follow coverage of detained WSJ reporter Evan Gershkovich | |
| The WSJ's Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of espionage—a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support Evan. | |
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