United States Daily Briefing

Fed Chair Kevin Warsh used his Jackson Hole debut to say precisely nothing about the rate path, which is itself a signal: the new Fed chair is resetting to pure data dependency and doesn't want markets front-running a commitment he won't make. With PCE and NFP both due before September's FOMC, the ambiguity has a clear expiry date — but until then, duration is in no-man's land. Sarah's read: trim rate-sensitive longs (REITs, utilities), add cash ahead of September data; the silence is the trade.

California's SB 492 failed to include wildfire liability protections for utilities, sending EIX into freefall (-23% intraday). The inverse condemnation doctrine leaves Edison financially responsible for wildfire damage even without negligence — uncapped. The selloff hit sector-wide; PCG-related utilities followed lower. Rating agency downgrades are likely next, and any equity issuance to shore up the balance sheet would dilute at distressed prices. Sarah's watch: next week's California legislative calendar for any emergency session or executive action from Newsom.

A coalition of US states and the FTC (per BBC Business) have sued Amazon alleging it rigged billions in digital ad pricing, adding antitrust pressure to a company already navigating regulatory scrutiny across its marketplace and AWS businesses. The suit alleges Amazon used its dominant position in ad tech to inflate rates for publishers and advertisers alike — a structural allegation that mirrors the DOJ's display ad case against Google. Sarah's read: AMZN ad revenue is ~$50B/year; even a structural remedy short of breakup would reprice that stream. Watch the stock's response at the open.