Axios

Price cuts are back.

Why it matters: The inflation crisis made discounts hard to come by, but that era is fading fast.

If re-elected, former president Donald Trump really probably could strip SEC chair Gary Gensler of his place at the head of the agency.

Why it matters: The former president promised to "fire" the American blockchain industry's No. 1 enemy last month in front of a cheering crowd at this year's biggest Bitcoin conference, but there's actually no precedent for a president firing a leader of the agency.

Here's what's new on Peacock, Netflix, Apple TV+, Prime Video, Paramount+ and Max.

What we're watching: A new season of Peacock's "Fresh Prince" reboot, a touching documentary about a unique daddy-daughter dance and a new action-comedy starring Awkwafina and John Cena.

Senate Majority Leader Chuck Schumer (D-N.Y.) showed up last night on a virtual rally for the cryptocurrency industry to back Vice President Kamala Harris, sponsored by the group, Crypto4Harris.

Why it matters: The industry is waiting to hear anything at all from Harris, while Trump has made his support clear.

Zoom in: Schumer spoke at the town hall after being introduced by Shark Tank star Mark Cuban.

• "The rest of us need crypto, and the Republicans couldn't care less. They just want to see the Bitcoin maxis get richer," the billionaire told listeners.
• The main purpose of the event was to urge viewers to donate to the Harris campaign right there on the call, so she would see it as one block of backing.

Super PACs organized to defend the cryptocurrency industry announced their entrance into three Senate races on Tuesday, and one of them is super close: Sen. Sherrod Brown's (D-Ohio) bid for re-election.

Why it matters: Brown is the chair of the Senate Committee on Banking, Housing, and Urban Affairs, which has oversight of the Securities and Exchange Commission.

• The senator has called for a crackdown on cryptocurrency's utility for bad actors and its financial riskiness, while defending the current regulatory scheme.
• He has, at times, made noises about collaboration however, such as on stablecoins (the technology's strongest use case to date) and clarifying regulatory authority.

The economy is on firmer footing than previously thought: Blowout consumer spending last month shows shoppers are not pulling back in a way that would be consistent with a recession.

Why it matters: The "consumer slowdown" narrative fell apart last month. If it continues, that — along with receding inflation — could keep the soft landing alive.

Walmart is slashing prices amid broader signs that the inflation crisis is over.

Why it matters: The nation's biggest retailer is aiming to extend its competitive advantage by discounting products at a time when consumers are looking for deals.

The Energy Department is steering around $50 million into six states to help small- and mid-sized auto suppliers convert facilities to serve EV value chains.

Why it matters: The money for states with large auto workforces is the latest of many White House financial carrots to help the industry go electric.

After years of soaring prices, the cost of a new car is falling, per a batch of fresh data out this week.

Why it matters: It's not time to celebrate yet. Prices for vehicles and insurance are still eye-popping compared to pre-pandemic days.

The latest reading on food price inflation is a win-win for promoting certain diet plans and saving money.

By the numbers: Apples (down 14.5%), frozen fruits and vegetables (-1.7%) and starches like potatoes (-4.7%), rice (-3.7%) and pasta (-2.5%) saw some of the steepest declines in prices from a year ago, according to this morning's CPI report for July.

The latest Consumer Price Index report, released on Wednesday, shows that after two years inflation is no longer the economy's biggest problem.

Why it matters: The string of upbeat inflation data is all but certain to allow Fed officials to more comfortably shift their attention to the weakening labor market and lower interest rates.

The number of Americans applying for a mortgage hit its highest level since January 2023 last week, while the number of refinance applications surged to a level not seen since May 2022.

Why it matters: The number of Americans taking out new mortgages is still extremely low — but at least it's growing.

DraftKings abandoned a plan to implement a surcharge on winning bets in high-tax states after its biggest competitor didn't follow suit.

Why it matters: Sports gamblers hated the idea, but DraftKings CEO Jason Robins had described it as "fairly nominal" and necessary to improve the company's profit margins.

Each year, the Progressive Policy Institute releases its annual Investment Heroes report, which highlights the country's largest companies that are investing in the U.S.

• This year's report underlines the strong U.S. economic growth and highlights the important role of capital investments to consumers.

The Consumer Price Index rose 2.9% in the 12 months through July, the smallest annual increase in more than 3 years.

Why it matters: Prices continued to rise at a mild pace again last month, the latest confirmation that the inflation shock is over. The new data paves the way for the Federal Reserve to lower interest rates, which could ease pressure on the economy.

Mars, the closely held maker of Snickers and M&M's, on Wednesday announced an agreement to buy snack maker Kellanova for $35.9 billion.

Why it matters: This would be the largest corporate merger announced in 2024, topping Discover Financial's $35.3 billion deal for Capital One.

EVgo, one of the nation's largest charging networks, is rolling out efforts to diagnose equipment issues in real time as part of a broader plan to replace outdated chargers and improve customer service, the company tells Axios exclusively.

Why it matters: While the number of public chargers continues to grow, many networks still aren't reliable enough to ease the public's charging anxiety — a leading concern about EVs.