Warsh’s Communication Misstep Doesn’t Change the Bigger Picture

Published on August 4, 2026

The market spent much of this week trying to interpret what Fed Chair Kevin Warsh meant rather than what he actually said and that was entirely avoidable. The decision to leave rates unchanged was defensible. What wasn’t defensible was Warsh’s lack of explanation.

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Still Buying America

August 4, 2026
Just as important, the dollar and U.S. Treasuries have continued to behave like hedges in periods of broader market unrest (driven by geopolitics or other conditions). When risk assets come under pressure, Treasury yields have generally fallen, or the dollar has tended to find support.

US Department of Labor finds child labor and wage violations at 3 San Antonio bakery and café locations

August 4, 2026
SAN ANTONIO – The U.S. Department of Labor has recovered thousands in back wages and assessed penalties after a federal investigation revealed child labor, minimum wage, and overtime violations by the operators of three La Panaderia Bakery & Café locations in San Antonio.The department’s Wage and Hour Division investigated the pay practices of Tequila Almond Croissant LLC, Pan Dulce LLC, and SA Ba