Axios

Low-income consumers are increasingly steering clear of fast-food restaurants amid concerns about the broader economy.

Why it matters: Restaurant dining is often the first thing to go when the economy takes a turn for the worse.

The Trump administration is preparing plans to sell stock in mortgage-finance giants Fannie Mae and Freddie Mac that could kick off before the end of the year, a senior administration official confirmed.

Why it matters: Significant changes to Fannie and Freddie's capitalization structures, or any signal of weaker government backing, could have big implications for the mortgage market.

The Trump administration is planning to issue an executive order soon clarifying the status of gold bars amid tariff confusion, a White House official says.

Why it matters: Reports that gold bars would be tariffed caused the precious metal to spike to an all-time high in U.S. trading.

Car insurance rates in California could rise more sharply with prolonged tariffs, a new projection finds.

Why it matters: The analysis shows one more way that Americans pay for higher tariffs.

Mushrooms are sprouting up all over the place: in coffee, soda, chocolate and meat blends.

Why it matters: Centuries after they were considered medicinal, mushrooms are today's go-to "functional" food — with a brain-boosting, sustainable aura.

• No, not those mushrooms. We're not talking about so-called "functional" mushrooms, like lion's mane, chaga, reishi and cordyceps.

State of play: Mushrooms contain brain-supporting nutrients like ergothioneine and B vitamins, but their mood-boosting effects remain largely unstudied.

President Trump signed an executive order instructing the Department of Labor to reevaluate guidance for employers on incorporating assets like private credit, real estate and crypto into retirement plans.

Why it matters: Private credit is golden child of Wall Street, promising diversification and potentially enormous returns compared to the stock market. But the catch is in the name: private.

Classes resume Monday as Hillsborough and Pinellas schools welcome students back from summer break.

• Whether you're a parent, grandparent or other caretaker — or just want to avoid traffic at pick-up or drop-off time — here's what you need to know.

Spending is being held up by the wealthy, while consumption from middle and lower income groups continues to fade.

Why it matters: The tale of two economies, also called a K-shaped recovery, is taking shape before tariffs have even taken effect, which could further pressure lower-income spenders, and potentially, the labor market.

A Southern California wildfire forced thousands in Los Angeles and Ventura counties to evacuate and a local emergency proclamation was issued after it ignited and exploded in size during a searing heat wave on Thursday.

The big picture: The Canyon Fire near Lake Piru, a reservoir some 60 miles northwest of downtown LA, was first reported just before 1:30pm local time to be around 30 acres, per Cal Fire. It had grown to more than 1,000 acres in a few hours and was still burning out of control into the evening.