Newsletter Aug 29, 2022

3 things you must know

Stocks jilted after central banks vow tough love on inflation
International shares slid on Monday as the mounting risk of more aggressive rate hikes in the U.S. and Europe shoved bond yields higher and tested equity and earnings valuations. Stocks tanked Friday as Fed Chair Jerome Powell's promised "pain" to cool inflation quashed hopes that the central bank would ride to the rescue of markets. The tough love message was driven home by ECB board member Isabel Schnabel, who warned over the weekend that central banks must now act forcefully to combat inflation -- even if that drags their economies into recession.
WHAT ANALYSTS ARE EXPECTING FOR THE WEEK AHEAD

Warren fears Fed's policies will push economy into recession
Sen. Elizabeth Warren, D-Mass., said Sunday that she was very worried that the Federal Reserve was going to tip the nation's economy into recession and that interest rate hikes would put people out of work. After Fed chief Jerome Powell warned on Friday the Fed will raise rates as high as needed, and would keep them there "for some time" to bring down inflation, Warren sounded off that his plan will only put Americans out of work.
WHAT WARREN CALLED POWELL'S 'SOME PAIN' COMMENT

SpaceX, T-Mobile challenge Apple for satellite connectivity
While Apple is poised to introduce new satellite communication technology in its upcoming flagship iPhone series iPhone 14, it appears Elon Musk's SpaceX and T-Mobile have already made a move to beat the tech giant in introducing such innovation to the public. In a T-Mobile blog post, the wireless network operator introduced a new service designed to connect T-Mobile's existing smartphone network to Starlink satellites introduced by SpaceX.
THE NEXT BIG TECH RACE FOR SATELLITE SUPREMACY

Markets

DJIA	32,283.40	-3.03%
S&P 500	4,057.66	-3.37%
Nasdaq Composite	12,141.71	-3.94%
Japan: Nikkei 225	27,951.59	-2.41%
UK: FTSE 100	7,427.31	-0.70%
Crude Oil Futures	93.25	0.20%
Gold Futures	1,745.30	-0.26%
Yen	138.33	0.55%
Euro	0.99	-0.30%
* As of market close

Judge hints at special master in FBI search

A judge said it was her "preliminary intent" to grant former President Donald Trump's request to appoint a special master to oversee a review of materials seized Aug. 8 from his Florida home during an FBI raid. U.S. District Judge Aileen M. Cannon, who was nominated by Trump in 2020, directed the Justice Department to submit under seal more details "specifying all property seized pursuant to the search warrant." Cannon gave the government until Tuesday to file a response to Trump's motion for a special master and set a hearing for Thursday.

INTELLIGENCE AGENTS TO ASSESS NATIONAL SECURITY RISK

NASA says all systems go for Artemis launch

Launch teams at the Kennedy Space Center in Florida spent a final full day of preparations ahead of Monday's planned liftoff of NASA's giant next-generation rocket on its debut test flight, kicking off the agency's Artemis moon-to-Mars program 50 years after the end of Apollo. NASA officials said on Sunday that all systems appeared "go" for liftoff, and weather forecasts called for an 80% chance of favorable conditions at the top of Monday's two-hour launch window, starting at 8:33 a.m. ET.

SEE INS AND OUTS OF TODAY'S ARTEMIS PROGRAM LAUNCH

Longtime White House chef Mesnier dies

He made cookies for Carter, baked cakes for both Bushes, and served sweets to five presidents during his 25-year tenure in the White House kitchen. Roland Mesnier, the French-born longtime pastry chef at the White House, died at age 78 "following a short illness." He joined the presidential staff in 1979 under Jimmy Carter and worked there until his 2004 retirement during George W. Bush's presidency. In between, he gained approval from presidential palates for his food and personality.

READ ABOUT MESNIER'S RISE TO THE WHITE HOUSE KITCHEN

Food fit for a king

Although not officially recognized as the first presidential chef, whom did George Washington personally appoint as his cook while in office?

Friday's answer: Mickey Mouse spoke for the first time in the 1929 animated film "Karnival Kids", uttering his signature line "Hot Dog!"