Newsletter Aug 22, 2022

3 things you must know

Markets seek clarity on next move from Federal Reserve
The Federal Reserve has been hammering home a single message: Interest rates will rise until inflation begins to come down. But financial markets hope to hear a different tune, one indicating the pace of rate hikes will slow. All eyes will be on this week's annual gathering of central bank policymakers in Jackson Hole, Wyoming to hear Fed Chair Jerome Powell's stance -- again -- with market watchers hoping for something more to their liking.
COULD THE FED BECOME A VICTIM OF ITS OWN SUCCESS?

Reports say Apple set to launch iPhone 14, other new toys
Multiple media reports say that Apple will hold its much-awaited preview event earlier than anticipated this year, allowing fans to take a sneak peek at its latest offerings, including the new iPhone 14 flagship series. Apple's annual showcase is reportedly slated for Sept. 7, and the earlier event date could mean that the release of the next generation of iPhones, AirPods Pro and three new Apple Watch models could also happen sooner than expected.
SEE WHAT NEW ADVANCES ARE EXPECTED FROM APPLE

Op-ed: Why stimulus checks should replace minimum wage
Soaring inflation has made federal assistance programs for low-income Americans more critical than ever. But a federal minimum wage is the wrong way to do it. Instead, stimulus checks or cost of living assistance programs are a better way to address the issue. A recent study found that the value of the federal minimum wage adjusted for inflation has touched its lowest value in 66 years.
WHY STIMULUS CHECKS CAN BETTER ADDRESS POVERTY

Markets

DJIA	33,706.74	-0.86%
S&P 500	4,228.48	-1.29%
Nasdaq Composite	12,705.22	-2.01%
Japan: Nikkei 225	28,681.42	-0.86%
UK: FTSE 100	7,550.37	0.11%
Crude Oil Futures	89.78	-1.09%
Gold Futures	1,758.50	-0.25%
Yen	137.29	0.26%
Euro	1.00	-0.09%
* As of market close

Some Dems dodging Biden's victory tour

President Joe Biden launches a coast-to-coast tour this week to tout the new climate and tax bill and boost Democrats ahead of November's elections. But some candidates may be nowhere in sight, fearing Biden is too much of a liability. Dems hope the trip will boost the president's poor poll numbers and draw attention to his achievements. But some candidates for Congress worry that campaigning with Biden will hurt them in the Nov. 8 election. Biden, whose latest approval rating is 40%, is polling lower than most Democratic candidates in competitive races.

WHICH CANDIDATES WILL BE HARD TO FIND AT BIDEN'S TOUR

Graham wins temporary reprieve in Georgia

An appeals court put on hold Sen. Lindsey Graham's scheduled testimony for Tuesday before a grand jury in Georgia probing efforts by Donald Trump to overturn the former president's 2020 election defeat, with the case returning to a lower court for another look. Sunday's order by the Atlanta-based 11th U.S. Circuit Court of Appeals comes as a temporary reprieve for Graham who otherwise would have had to testify on Tuesday in a case that could shed further light on the coordinated effort by Trump's team to reverse the elections results.

SEE HOW GRAHAM COULD STILL BE COMPELLED TO TESTIFY

Rodman offers to visit Russia to free Griner

Former NBA player Dennis Rodman is trying his hand at international diplomacy again. Rodman said he plans to travel to Russia to advocate for the release of WNBA player Brittney Griner, who was sentenced to nine years in jail on drug charges. Rodman said he was approved to travel to Russia amid the country's strained relationship with the U.S. The NBA Hall of Famer, who also developed a relationship with North Korean leader Kim Jong Un, vowed to try to secure Griner's release.

FIND OUT WHY RODMAN BELIEVES HE CAN CONVINCE PUTIN

Chairmen of the boards

Dennis Rodman is one of two players in NBA history with at least 5,000 more career rebounds (11,954) than points (6,683). Name the other.

Friday's answer: Teressa Bellissimo of the Anchor Bar in Buffalo, N.Y., is credited with inventing the Buffalo wing out of necessity in 1964.