“Ideas are easy. Implementation is hard.”
-Guy Kawasaki
Here’s what you need to know this week:
· Markets stay flat as Kevin Warsh makes his debut as Federal Reserve Chairman
New Office
Quick reminder, we’re moving! Our new office is located about one mile from our current office:
Our old office is circled in red and the new office is circled in green. Our new address will be 3817 NW Expressway Ste 1030; again, we will not be moving until October, but we wanted to let everyone know about the beginning of this exciting new chapter!
Warsh’s First Test
Stocks held roughly even last week as newly minted Chairman of the Federal Reserve Kevin Warsh led his first symposium in Jackson Hole, Wyoming. In his keynote speech, Warsh outlined his vision for the Fed and identified the key economic indicators he will watch to inform his decisions on interest rate policy:
Bond traders interpreted Warsh’s remarks as a hint that Warsh will push the Fed to hike interest rates at their next meeting on September 16th. As of writing, the bond market is currently predicting a 68% chance of a 25 basis point (0.25%) interest rate hike, up from just a 39% chance one week ago[1]. This Friday we will receive the nonfarm payrolls (NFP) report for August and Wall Street analysts expect the report to show the US economy adding 58,000 jobs. While a strong report would reflect a robust economy, it would also give Warsh more ammo for an interest rate hike.
What Else
· Congress passed funding legislation to avert a government shutdown on October 1st
· Tesla will unveil their self-driving Cybercab in Austin tomorrow
· At least 4,700 people are missing after the devastating flash flood in the Himalayas last week
· A flash flood in the Grand Canyon left at least 15 people missing
· Lionel Messi announced his retirement from Argentina’s national soccer team
What We’re Reading
The flash flood in the Himalayas was one of the fastest and unexpected floods in decades; thousands of people are missing and dozens of towns were destroyed in its wake. However, one school principal’s quick thinking saved the lives of nearly 1,000 schoolchildren as he evacuated his school less than 15 minutes before the entire building was swept away. Click below to read about the children’s escape and to see photos of the flood’s aftermath:
· Nepal Schoolchildren Saved From Flood
What’s Happening Downtown
The Myriad Gardens is hosting a Youth Workshop on building a vertical garden this Sunday, September 5thfrom 2:30-3:30 PM. This class invites families to bring their children and will teach the basics of gardening, soil and plant care while building your own 24in x 24in vertical garden. Tickets are $22 for Myriad Gardens members and $25 for non-members, click below to learn more:
· Myriad Gardens Vertical Garden Youth Workshop
To read more from our blog, click here
Written by: Kane Ogle, CFP®
Steve Beck, Kane Ogle, CFP®, Amber Eduvigen, CFP®, Cale Olbert, CFP®, Brett Valentine, CFP®, Brandon Ingerson, Bill Daniel, Sam Postich, Jenni Hess, Hannah Hartman
[1] CME Group