2016年8月26日星期五

Friday Morning Briefing: The Fed does some soul-searching

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A car bomb in Turkey's largely Kurdish southeast killed at least 11 and wounded dozens. The state-run Anadolu news agency blamed the attack, which struck a police headquarters, on the Kurdistan Workers Party (PKK). The group has waged a three-decade insurgency for Kurdish autonomy and has been involved in almost daily clashes with security forces since a ceasefire collapsed more than a year ago.


For all the talk of Supreme Court vacancies, it's President Obama's appointees to federal appeals courts that could be the more enduring legacy. His appointments have tilted the judiciary in a liberal direction that will influence rulings for years to come and be further entrenched if Democrat Hillary Clinton wins this November's presidential election.


For years, the conventional wisdom was that central bankers should rely on short-term tools – i.e. interest rates – to keep the economy healthy. But at the Federal Reserve’s Jackson Hole outing this week, discussions have turned to what role, if any, central banks should play in longer term growth, with such tools as specific growth targets, negative interest rates and massive cash infusions. Federal Reserve Chair Janet Yellen is expected to address this topic in a speech today.


Hands in, everyone

Devotees form a human pyramid to celebrate the festival of Janmashtami, marking the birth anniversary of Hindu Lord Krishna, in Mumbai, India August 25, 2016. REUTERS/Shailesh Andrade

 


Around the world

  • Syrian rebels plan to move westward in next phase of their Turkey-backed operation, after flushing Islamic State out of the northern Syrian city of Jarablus, a rebel commander said. The operation aims to expel the militants from its last foothold at the Syrian-Turkish border, but also to prevent any further gains by the Kurdish YPG militia whose growing influence in Syria has alarmed Turkey as it battles its own Kurdish insurgency. Colonel Ahmad Osman, head of the Syrian Sultan Murad rebel group said they did not wish to fight Kurdish forces that have advanced in northern Syria as part of a separate campaign against IS, but would do so if necessary.
  • A U.S. Navy ship fired warning shots toward an approaching Iranian vessel, escalating tensions in the Persian Gulf region. The Pentagon accused Iranian vessels of harassing a U.S. warship near the Strait of Hormuz on Tuesday. Another interaction took place yesterday but Pentagon officials gave few details.

Digits of the day:

267

That's the latest death toll from the earthquake in Italy. The first funerals are today.

 


Around the country

  • A U.S. judge set a Sept. 13 deadline for the State Department to release any emails it finds between Hillary Clinton and the White House from the week of the 2012 attack in Benghazi. Clinton has been criticized for using an unauthorized private email system run from a server in the basement of her home while she was secretary of state.
  • Police have renewed the search for a man suspected in two brutal murders in Michigan more than 30 years ago and say he may be living in the Los Angeles area as a woman.
  • Ryan Lochte may have lost endorsements from Speedo and Ralph Lauren. But Pine Bros Softish Throat Drops is willing to pony up. Because what better way to keep your mouth shut about what happens after Olympic competition than to suck on a cough drop?

Around Wall Street

  • Venezuela has been unable to import all of the crude oil it needs to cover production shortfalls at the struggling state-run producer PDVSA. Suppliers are refusing to discharge cargoes to PDVSA without being paid first, unusual in an industry in which buyers normally have 30 to 60 days to pay after delivery. Others have stopped dealing with PDVSA entirely as it resorts to bartering its own oil in swap deals.
  • Lee In-won, vice chairman of South Korea's Lotte Group, was found dead, a suspected suicide, hours before he was to be questioned by prosecutors conducting a criminal probe into the country's fifth-largest conglomerate. The group makes everything from candy to electronics.
  • Apple issued a security fix for iPhones and iPads after researchers discovered that a prominent United Arab Emirates dissident's phone had been hacked. The thwarted attack used a text message that invited human rights activist Ahmed Mansoor to click on a web link. Instead of clicking, he forwarded the message to researchers at the University of Toronto's Citizen Lab. The hack is the first known case of software that can remotely take over a fully up-to-date iPhone 6. The Citizen Lab team attributed the attack software to a private seller of monitoring systems, NSO Group, an Israeli company that makes software for governments which can secretly target mobile phones and gather information. 

Today's reason to live

De La Soul feat. Snoop Dogg – Pain

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