TL;DR

Fed signals live September meeting; Google Cloud wins $10B Meta AI deal; US ramps up supply chain controls.

Highlights

• Fed’s Goolsbee says September FOMC is “live,” with mixed data and recent inflation “not great.”1
• Google Cloud secures $10B+ AI infrastructure deal with Meta, expanding cloud competition with AWS and Azure.3
• Trump administration considers taking equity stakes in select CHIPS Act semiconductor subsidy recipients; details pending.4
• Pentagon to spend up to $500M over five years to rebuild US cobalt stockpile, targeting supply chain security.7
• CFTC launches “Crypto Sprint” to accelerate digital asset rulemaking, coordinated with SEC and White House priorities.6
• Supreme Court allows Trump administration to halt $783M in NIH research grants tied to DEI and gender-identity initiatives; further litigation expected.2
• US halts new truck-driver work visas after fatal Florida crash, raising uncertainty for logistics and trucking firms such as Covenant Logistics Group, Inc. , Schneider National, Inc. , Heartland Express Inc , Universal Logistics Holdings, Inc. Common Stock , and ArcBest Corporation .5
• Trump administration begins re-vetting all 55 million US visa holders for deportation violations, intensifying immigration enforcement.10
• Musk’s X Corp (Twitter) reaches tentative settlement in $500M severance lawsuit with laid-off employees.11
• California schedules Nov. 4 vote on new congressional map to make up to five GOP House seats competitive for Democrats.12
• Federal judge rules Trump pick Alina Habba’s leadership of NJ US Attorney’s office was illegal, creating legal uncertainty for ongoing cases.14
• Chile’s finance minister resigns; peso drops as Nicolás Grau, seen as less market-friendly, takes over.8

Commentary

The Fed remains firmly data-dependent as Goolsbee’s comments reinforce the possibility of action at the September FOMC meeting1. With recent inflation data coming in above target, rates markets are likely to stay sensitive to upcoming macro releases, particularly CPI and labor data. The curve should retain a risk premium until the policy path becomes clearer.

On the corporate side, Google Cloud’s $10B+ deal with Meta is a notable win in the cloud and AI infrastructure space, highlighting ongoing capex intensity among tech giants and potential tailwinds for cloud and semiconductor suppliers3. The Trump administration’s consideration of equity stakes in CHIPS Act recipients4, alongside the Pentagon’s $500M cobalt stockpiling plan7, underscores a continued push for US supply chain resilience in semiconductors and critical minerals—sectors to watch for policy-driven moves.

Regulatory and legal activity remains active. The CFTC’s “Crypto Sprint” could speed up long-awaited clarity for digital asset platforms6, while the Supreme Court’s ruling on NIH grant terminations2 and the administration’s sweeping visa re-vetting10 signal a tightening stance on immigration, research funding, and labor. The halt on new truck-driver visas may disrupt logistics and increase labor costs for US trucking firms such as Covenant Logistics Group, Inc. , Schneider National, Inc. , Heartland Express Inc , Universal Logistics Holdings, Inc. Common Stock , and ArcBest Corporation 5.

Political and legal volatility is also in focus. California’s redistricting12 and the federal judge’s ruling on the NJ US Attorney’s office14 add to election-year uncertainty, while Chile’s finance ministry shake-up and peso drop could have knock-on effects for EM assets8.