Welcome back to our Sunday edition, a roundup of some of our most important stories. Are you doing some back-to-school shopping? Hopefully you have at least Budgeted $1,000. That’s the total cost of nine hot items Gen Z TikTokers consider must-haves.
On the agenda today:
But first: Good news from the West.
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This week’s shipment
Cutbacks are coming
“It is time for policy changes.”
With those eight words, Fed Chairman Jerome Powell essentially guaranteed the September rate cut, promising to give markets and the economy the relief they have long been crying out for.
September’s rate cut felt like a certainty before Powell took the stage in Jackson Hole, Wyoming, on Friday. But given how volatile market movements and economic data have been over the past 12 months, nothing felt certain these days.
Powell also avoided directly answering the other question from market observers: How big will the rate cut be? The favorite is a traditional quarter-point cut. But data showing the labor market beginning to break has led some to believe a 50-basis-point cut could be in the cards.
Yet some are convinced that rate cuts are not a panacea.
According to a strategist at BCA Research, the signs continue to point to the economy moving in a direction that cannot be solved by austerity, which could lead to the same kind of growth fears that roiled markets earlier this month.
And Neil Dutta, who last year reversed Wall Street’s broader prediction of a looming recession, has changed his tune. Now he sees the labor market falling in a way that won’t be easily reversed.
That makes the next jobs report, due out on September 6, all the more important.
Hello, casual house hunting
Thanks to a rule that went into effect over the weekend, potential home buyers must now sign an agreement outlining the terms of their agent’s services and how much they expect to get.
The new rule, part of a sweeping legal settlement, promises to fundamentally restructure the housing market. The good news? It could save you thousands.
What the new rule means.
Also read:
AI could take over coding
Software engineers may need to develop new skills as artificial intelligence automates coding. That’s according to Amazon Web Services CEO Matt Garman, who made the comment in a leaked recording obtained by BI.
Garman’s comments were intended as advice rather than an outright warning. But he’s not the first high-profile executive to make such predictions. Nvidia CEO Jensen Huang previously said that “everyone is a programmer now” thanks to new AI coding assistants.
More about Garman’s advice to his employees.
Also read:
HR technology is terrible
Have you ever entered a PTO request into your workplace management system, only to be completely stymied by the confusing system interface? Felt frustrated, as if you had never used a computer before?
You’re not alone. Workplace apps have become a pain in the ass, a huge waste of time and headaches. The shortcomings of automation and the priorities of app designers may be to blame.
Behind the abundance of terrible technology.
Saudi Arabia wants to buy the world
Saudi Arabia’s Public Investment Fund, led by Crown Prince Mohammed bin Salman, is going global, investing in everything from Uber to LIV Golf as part of the country’s effort to reduce its economic dependence on oil and fulfill its Vision 2030 program.
As the Saudis continue to spend their money abroad, the PIF faces several risks, including that leading investments abroad could face financial difficulties. It is too early to predict how successful the global investments will be.
Within Saudi Arabia’s global investments.
Quote of this week:
“I do my best to follow the rules.”
— James Robart, a federal judge who revealed that he bought and sold Boeing stock while trying a case against Boeing.
More top articles from this week:
Read the original article on Business Insider
