First Pass

110 stories from 10 sources

Markets pivot toward a less hawkish Fed as risks build

Day’s Recap

Supporting Articles

8:49 PMEconomic Times

Global Market Today: Asian stocks rise as Fed rate-hike bets ease

Summary

Asian equities advanced after Fed Governor Christopher Waller said he could support keeping interest rates unchanged if price pressures continued to ease. South Korean stocks led the regional gains, following a rally that lifted the S&P 500 to its strongest session in a month and pushed the Nasdaq 100 up 1.2%.

Waller's comments shifted markets away from an immediate Fed hike, lifting equities and especially growth-sensitive

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A softer Fed path is restoring support for risk assets, but the trade remains highly dependent on incoming inflation and employment data.

Link to Story
4:13 PMEconomic Times

US stocks today: Dow soars 600 pts, S&P, Nasdaq over 1% as Fed governor Waller's remarks ease rate hike fears

Summary

U.S. stocks rallied on Thursday, with the Dow gaining about 600 points and the S&P 500 and Nasdaq rising more than 1%, after Federal Reserve Governor Christopher Waller's comments eased concerns about further rate hikes. Nvidia and software shares advanced, while Broadcom fell after issuing a revenue forecast that failed to match elevated artificial-intelligence expectations.

Waller's remarks gave investors room to price less restrictive monetary policy ahead of the jobs

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The rally depended on lower rate fears, while AI stocks face a higher bar for earnings surprises.

Link to Story
2:42 PMEconomic Times

Gold jumps 2% as Fed Governor Waller's comments temper rate hike bets

Summary

Gold rose more than 2% after Fed Governor Christopher Waller signalled support for leaving interest rates unchanged if inflation continues to cool. Lower Treasury yields and a weaker dollar added to bullion's gains as traders awaited US jobs and inflation data.

Markets have reduced the probability of a September rate hike, easing pressure on non-yielding assets.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A softer Fed path is supporting gold by lowering both real-rate and dollar headwinds.

Link to Story
10:53 AMCNBC

Dow rises 300 points as Treasury yields fall on lower Fed rate hike expectations: Live updates

Summary

US stock futures were little changed after the major averages ended a three-session losing streak. Equities gained as Treasury yields pulled back from multiyear highs.

The immediate driver is relief in rates rather than a fresh improvement in corporate fundamentals.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Stocks have regained some breathing room, but the market remains dependent on the direction of bond yields.

Link to Story
8:30 AMFinancial Times

Treasury yields fall after top Fed official signals support for rate hold

Summary

Fed Governor Chris Waller said he is inclined to keep interest rates unchanged at the next meeting. His stance challenges market expectations of a rate increase that followed Kevin Warsh’s speech at Jackson Hole.

Waller’s signal reduces the immediate probability of a hike and shifts the policy debate back

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A public disagreement over the policy path can move rate expectations before the Fed makes any formal decision.

Link to Story
10:09 PMEconomic Times

Yen headed for strongest week in a month, dollar flat ahead of payroll data

Summary

The yen is heading for its strongest week in a month as traders anticipate a possible BOJ rate hike, while the dollar remains broadly flat ahead of US payrolls data. Markets are also weighing potential shifts in Federal Reserve policy, oil-price risks and geopolitical tensions in the Gulf.

The yen is gaining on BOJ expectations while the dollar awaits payrolls for evidence on

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The payrolls report could decide whether this week's yen strength becomes a broader shift in global rate expectations.

Link to Story
9:52 PMBloomberg Markets

Nomura Says Three Straight BOJ Hikes Possible in Extreme Case

Summary

Nomura says the Bank of Japan could raise rates at three consecutive meetings through December if persistent yen weakness creates an extreme policy scenario.

Persistent yen weakness is becoming a potential trigger for faster BOJ tightening, not just a

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The BOJ's reaction function could shift from gradual normalization toward currency defense.

Link to Story
8:52 PMBloomberg Markets

Carry Trade Exodus Fuels Yen Gain Ahead of BOJ Rate Decision

Summary

Investors are unwinding yen-funded carry trades, helping push the yen to a one-month high against the dollar. The move reflects rising expectations that the Bank of Japan will deliver further rate hikes.

The yen's advance is being amplified by position unwinding rather than driven solely by new

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A disorderly carry-trade unwind can transmit yen volatility across global markets.

Link to Story
8:57 AMFinancial Times

Yen surges as traders bet on Japan interest rate rises

Summary

The yen strengthened past 157 per dollar after a sharp overnight move. Traders increased bets that the Bank of Japan will raise interest rates.

The currency's move reflects a widening expectation that Japan's policy normalization will reduce the appeal

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A stronger yen could unwind a global source of leverage while raising the market stakes around the Bank of Japan's next decision.

Link to Story
10:01 PMEconomic Times

Gold steady before US payrolls data, heads for small weekly gain

Summary

Gold held steady ahead of the US payrolls report, with investors looking for clues about the Federal Reserve's next interest-rate decision. Silver, platinum and palladium edged lower, while markets also prepared for another European Central Bank rate increase.

The payrolls report is the immediate catalyst for gold, as markets assign roughly even odds

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

US employment data could reset expectations for rates, yields and the dollar across global markets.

Link to Story
4:01 PMCNBC

Trading the August jobs report: What could affect the number, and how investors may respond

Summary

Economists see one factor that could weaken Friday's August jobs report, creating another potential surprise for investors.

A softer payrolls number would strengthen the case for lower interest rates and could lift

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The jobs report could reset expectations for the Fed's next move and drive broad market volatility.

Link to Story
3:38 PMCNBC

The big August jobs report is due out Friday. Here's what to expect for what has been a jobless summer

Summary

Economists expect August payrolls to rise by 53,000, reflecting a subdued labor market. The report will test how much weight the Federal Reserve places on weakening employment relative to still-elevated inflation.

A weak payroll gain would strengthen the case for a less restrictive Fed stance, even

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The report could determine whether markets price labor-market weakness as a policy signal or an economic warning.

Link to Story
3:09 PMMarketWatch

Wall Street is betting on Fed Chair Kevin Warsh to keep a manic bond market from unraveling

Summary

Investors are looking to Fed Chair Kevin Warsh to restore stability and trust as heavy corporate bond issuance is expected in the coming months.

The bond market's immediate risk is that a large supply of corporate debt overwhelms demand

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The Fed's credibility will help determine whether new corporate borrowing remains orderly or becomes a source of market stress.

Link to Story
2:11 PMEconomic Times

Fed's Waller says safety premium for Treasuries is gone, pushing neutral rate higher

Summary

Fed Governor Christopher Waller said the loss of Treasuries' traditional safety premium is raising the neutral interest rate and could keep borrowing costs elevated. He also warned that the US cannot grow out of its roughly $40 trillion debt burden without reducing structural deficits toward zero.

The shift in Treasury demand points to a higher floor for US interest rates, even

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A higher neutral rate would tighten financial conditions for households, companies and the US government for longer.

Link to Story
10:30 AMFortune

The bond market is crashing Trump’s midterm campaign

Summary

The bond market is pushing back against Washington's fiscal direction, creating a political problem for President Trump ahead of the midterms. George Washington University professor Stephen Kaplan described that market pressure as a check on the administration.

Higher borrowing costs can constrain Trump's policy agenda while increasing the economic burden on households,

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Bond investors can impose political costs on Trump even when Congress remains aligned with his agenda.

Link to Story
6:39 AMFinextra

When the Fed and the Treasury disagree, the dollar pays the price

Summary

The dollar has traditionally taken its direction from Federal Reserve policy, but disagreements between the Fed and the Treasury can undermine that policy anchor and unsettle foreign-exchange markets.

Conflicting signals from the two institutions make it harder for investors to assess the US

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A divided US policy framework threatens the credibility and predictability that support the dollar’s reserve-currency role.

Link to Story
10:42 PMCNBC

Goldman just revised this credit-market forecast thanks to the AI sector

Summary

AI-related borrowing has kept US investment-grade gross bond issuance strong through the summer. Goldman Sachs raised its forecast for total issuance as a result.

AI investment is expanding corporate funding needs and extending the credit market's issuance cycle beyond

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

AI capital spending is becoming a major driver of both corporate bond supply and credit-market pricing.

Link to Story
4:07 PMThe New York Times

Dutch Central Bank Cuts Gold Reserves in U.S., Citing ‘Geopolitical Unrest’

Summary

The Netherlands moved about 90 tons of gold out of the Federal Reserve Bank of New York, becoming the second European nation this year to disclose a reduction in U.S.-held gold reserves.

The transfer reflects concern about geopolitical risk and the security or accessibility of assets held

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Central-bank gold repatriation could become a broader hedge against geopolitical and custodial risk.

Link to Story
8:25 AMAl Jazeera

Why has the Netherlands moved $10bn of its gold from the US?

Summary

The Netherlands has moved roughly $10 billion of its gold reserves from the United States while holding $83.7 billion in gold across domestic and foreign locations.

The shift places more of the Netherlands' bullion closer to home and reduces reliance on

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Central banks are treating the location and custody of gold as part of national financial security.

Link to Story
7:29 AMFortune

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

Summary

The Netherlands moved 86 tons of gold out of the United States, citing geopolitical unrest, as the Treasury intervened in the bond market. UBS's Paul Donovan called the effort to improve gold liquidity abnormal.

The transfer points to heightened official concern about custody, liquidity, or access to reserve assets

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Reserve managers' decisions could affect gold demand and expose growing caution about holding strategic assets abroad.

Link to Story
5:12 PMMarketWatch

Nvidia takes back control of the AI trade as Big Tech nears record highs

Summary

Nvidia has become the main driver of the Magnificent Seven's renewed climb toward its May peak. The move has restored the chipmaker's influence over the broader AI trade and pushed major technology stocks closer to record levels.

Nvidia's leadership shows that investor confidence in AI remains tied to demand for the infrastructure

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The AI rally is again being led by the company most directly tied to spending on AI computing.

Link to Story
9:21 PMBloomberg Markets

Fading Cobalt Rally Is Testing Congo’s Efforts to Control Prices

Summary

Cobalt prices are retreating as exports from the Democratic Republic of Congo resume under a strict new regime. The reversal is testing the leading producer's ability to manage global supply and prices.

Renewed Congolese exports are weakening the supply constraint that powered cobalt's rally. Lower prices would

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The episode will show whether supply management can support cobalt prices once disrupted exports return.

Link to Story

Other Developments

A curated list of other prominent stories from this day.

9:21 PMBloomberg Markets

RBNZ More Likely To Wait Until December to Hike, Silk Says

Summary

Assistant Governor Karen Silk says the Reserve Bank of New Zealand is more likely to wait until December before raising interest rates again.

The RBNZ is signaling patience rather than an immediate resumption of tightening, giving policymakers more

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The timing of the next hike will shape expectations for New Zealand's broader rate path.

Link to Story
9:04 PMBloomberg Markets

Philippines Keeps Eye on Iran War as Inflation Barely Eases

Summary

Philippine inflation slowed for a fourth consecutive month in August to 6.1%, helped by softer increases in utility and food prices. It remains above the central bank's target despite successive rate hikes.

The continued slowdown gives the central bank evidence that tightening is working, but the elevated

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The data support a more cautious policy stance, but they do not yet remove pressure for restrictive rates.

Link to Story
4:29 PMMarketWatch

An old stock-market adage applies this month — how you should play it

Summary

The article examines the seasonal strategy known as “sell Rosh Hashanah, buy Yom Kippur,” which calls for reducing equity exposure around the Jewish New Year and buying back around Yom Kippur.

The strategy is a calendar effect, not a substitute for earnings, rates, or valuation analysis.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Seasonal positioning may influence short-term flows, but it offers limited protection against larger macro shocks.

Link to Story
3:34 PMCNBC

Buy these cheap dividend-paying energy stocks, Goldman Sachs says

Summary

Goldman Sachs sees value in selected energy stocks that offer dividends, despite the sector's gains this year.

The recommendation shifts the focus from broad sector momentum to companies whose valuations and cash

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The trade offers income and valuation support while leaving investors exposed to energy-price swings.

Link to Story
3:18 PMCNBC

Vance says Fed should lower interest rates: 'Would be nice to have some help'

Summary

Vice President J.D. Vance called for lower interest rates less than two weeks before the Federal Open Market Committee is scheduled to meet. His comments add pressure on the Federal Reserve as it considers whether to change policy.

The administration is making its rate preference explicit before a closely watched Fed decision, increasing

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Public demands from the vice president raise the stakes of the Fed's next decision and its credibility as an independent institution.

Link to Story
8:51 AMMarketWatch

Is the stock market open on Labor Day? What about bond trading? Will the post office deliver mail?

Summary

U.S. stock markets and postal services will operate on modified schedules for the Labor Day holiday on Monday, Sept. 7.

Equity trading will be interrupted while investors and businesses adjust settlement, payment, and delivery timelines

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Holiday closures affect liquidity and the timing of trades, settlements, and deliveries.

Link to Story
12:50 PMHousing Wire

Economic activity edges higher amid mixed consumer signals

Summary

The Federal Reserve's Beige Book found that economic activity increased modestly, while the outlook for coming months remained generally positive. Consumer and sector sentiment, however, varied across the economy.

The key shift is continued expansion without broad-based confidence. Uneven demand could limit business hiring

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The economy is still growing, but uneven demand complicates the outlook for inflation, interest rates, and markets.

Link to Story
10:57 AMMarketWatch

How to invest in a booming stock market that’s way cheaper than the S&P 500

Summary

Poland’s reclassification from an emerging market to a developed economy could broaden access to its stock market for global investors. The market has performed strongly while remaining cheaper than the S&P 500.

The classification change can bring new institutional demand through developed-market indexes and mandates, increasing liquidity

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A benchmark change could redirect global capital toward Polish equities and make the market a more prominent alternative to expensive US stocks.

Link to Story

Make it yours

Build Your First Pass.

Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!