Inflation persisted in August, potentially locking in a Fed interest rate hike [CNBC]Odds for a hike jumped to nearly 90%, according to the CME Group’s FedWatch tracker of fed funds futures prices.“There’s no guarantee that the Fed will hike next week, but it’s hard to see how the central bank can justify leaving rates on hold,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.Scott Bessent fails to break ‘fever’ in US bond market [FT]Scott Bessent's bid to steady the $32tn US government debt market has backfired….Bridgewater’s Jensen Says AI Will Kill People Before It’s Curbed [Bloomberg]“Unfortunately, this is what it was like in February 2020,” [Greg] Jensen said, likening AI to the earliest days of the coronavirus pandemic. “Until the AI starts killing people, unfortunately, history would suggest we’re not going to do anything, but we are going to face that. That’s going to happen, and it’d be much better if we started dealing with it before then.”OpenAI targets work of Wall Street junior bankers with new ChatGPT for Financial Services [CNBC]“We’re effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well,” [OpenAI vice president of product Nick] Turley said during a briefing announcing the new product….What separates this version from the product it’s based on, ChatGPT Work, is native data access from LSEG, Daloopa and PitchBook that furnishes the system with things like financial statements and earnings transcripts as well as automated access to users’ existing data subscriptions.Former crypto billionaire Sam Bankman-Fried appeals conviction to Supreme Court [CNN]The Supreme Court appeal, which was reviewed by CNN, raises a technical question about evidence that was submitted at his trial, and whether Bankman-Fried should have been permitted to demonstrate that his investments were ultimately sound and would have covered any losses by FTX customers.He also argues that the $11 billion forfeiture violates the 8th Amendment’s prohibition on excessive fines.Sept. 11 Changed the World Order. But Not for the Reason We May Think. [WSJ]Consumed by the War on Terror, the U.S. had less capacity to address other global priorities such as the pivotal rise of China and an increasingly hostile Russia. That inattention to shifting global forces was what really changed the world….America’s failure to address the dislocation resulting from China’s rise fed another post-9/11 fracture in the world order: anger in America toward globalization…. This discontent contributed to an undercurrent of isolationism and nativism, helping fuel the rise of Donald Trump’s America First movement.
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