The mystery of our next Fed Chair spilled into this week as investors continue to wait eagerly for any hints into the President’s ultimate decision. Sources say President Trump was impressed by Stanford Economist John Taylor after the two met last week in the Oval Office. Trump has expressed his interest in both Taylor and Fed governor Jerome Powell. In addition, former Fed board governor Kevin Warsh’s rapid rise to the front of the pack has quickly reversed as his appointment now seems unlikely. Janet Yellen met with President Trump Thursday afternoon as she interviewed for the reappointment of her current position. This will continue to be an interesting development to watch, as the direction of our economy weighs heavily on Trump’s eventual decision.


North Korea’s deputy UN ambassador warned that nuclear war “may break out at any moment” during a committee conference at the UN on Monday. Tensions continue to rise between our countries as it seems neither Pyongyang nor the President are willing to back down from their sustained threats, and war-like rhetoric. Global markets started the week strong, however, proving once again that the effect of these remarks on securities is continuing to lessen.


Goldman Sachs (GS) and Morgan Stanley (MS) reported earnings on Tuesday as the next wave of banking quarterly earnings continues to roll out. Although both banks beat projections, Morgan Stanley outpaced its top competitor with greater returns in its wealth management department, despite a slow summer for the market. Both individual stocks jumped heavily following the news.


Rio Tinto Group (RIO), one of the world’s largest metals and mining companies, is facing fraud charges stemming from the company’s $3.7 billion coal deal in Mozambique in 2011. CEO Tom Albanese and ex-CFO Guy Elliott are at the front of this debacle as it’s reported that they led the pack on this transaction. Shares dropped less than 1% following the news, which shows that investors believe the issue will have minimal impact on the current state of the company.


Catalan President Carles Puigdemont continued to push for his region’s independence, as seen in a letter he delivered minutes before the deadline imposed by Madrid. The news only further clouded the future of Spain’s relationship with Catalonia, as investors continue to wait eagerly for an eventual decision. Spanish stocks dropped nearly 1% following the news.


Inflation in the UK hit its highest level in a 5-year span this past month, as consumer prices rose 3%. The statistic matched expectations, thus further confirming that the Bank of England must ultimately decide to hike interest rates for the first time in a decade by the end of the year. Brexit negotiations continue to be pushed back, as the economy of England waits impatiently for the imminent conclusion of this fiasco.