President Trump pledged to allow farmers and ranchers to process their own meat in a salvo aimed at the industry's four dominant meatpackers, calling them a "nasty Monopoly."

• Trump said on Truth Social that he is "authorizing legal documents to be drawn in order to allow Farmers and Ranchers to be given the right to PROCESS THEIR OWN FOOD."
• He blasted the four "Big Processors" without naming them: Tyson, Cargill, JBS and National Beef.
• "They make life miserable for our wonderful Farmers and Ranchers, and I can't let that happen, can I?" Trump said.

💸 The big picture: The president is under pressure to help a constituency his own policies have squeezed — increasing farmers' costs while raising prices for consumers on products like beef.

• Farmers have been bludgeoned by Trump's trade and Iran wars, with the latter causing a prolonged spike in energy and fertilizer costs after the closure of the Strait of Hormuz, a critical shipping lane.

Catch up quick: The argument behind Trump's announcement Friday is that federal regulations in place since 1967 make it impossible for smaller meat processors to compete, leaving ranchers with few alternatives to the Big Four.

Yes, but: Food safety advocates say measures in place under the 1967 Wholesome Meat Act are crucial to protecting consumers.

🐂 The intrigue: The largest U.S. cattle industry trade group blasted Trump's announcement, warning that — while it supports more competition, smaller processors and less regulatory red tape — weakening federal meat inspection and food safety standards would be a "serious mistake."

• In a statement, the National Cattlemen's Beef Association took aim at Trump's recent "government intervention," including last week's move on beef imports.

What they're saying: "Constant government interference creates uncertainty for producers making long-term decisions about their businesses and the future of the cattle herd," the NCBA said.

Go deeper

Anyone up for a rate hike in September?

• New Fed chairman Kevin Warsh today gave his much-anticipated speech in Jackson Hole, where investors were looking for something — anything! — to signal his commitment to raising rates if necessary to achieve 2% inflation.

The market seemed to get the clarity it needed, when Warsh said the central bank's leaders have "work to do" if they are not confident that inflation is moving to 2% "clearly and at sufficient speed."

• Yesterday, the market was assigning just a 35% chance for a rate hike on Sept. 16. That jumped to nearly 58% today, per CME FedWatch.

The impact: Short-term yields jumped, with two-year Treasuries up 12 basis points, to 4.36%.

• 10-year yields moved up to 4.73%, while the 30-year barely budged, at 5.21%.
• Stocks wavered, but in the end all major indexes finished in the red.
• Gold and bitcoin both fell over 3%.

Go deeper: Read the full coverage from Axios Macro's Neil Irwin and Courtenay Brown.

🔌 Chinese EV maker BYD posted its first profit increase in five quarters as it continues its aggressive global expansion. (Bloomberg)

🤝 Walmart agreed to a settlement with the Justice Department over allegations that it worsened the opioid crisis through its pharmacies. (CBS News)

⚖️ A three-member panel of Trump-appointed judges from the Ninth Circuit Court of Appeals ruled unanimously against Kalshi in a case over how the prediction market's sports event contracts should be regulated. The ruling increases the likelihood of the matter going to the Supreme Court after the Third Circuit ruled in favor of prediction markets earlier this year. (CNN)

🔥 EV maker Lucid is recalling more than 27,000 Air sedans over a fire risk. (Reuters)

Not sure how Ted Lasso would feel about this, but Apple TV is increasing its prices again.

• The monthly cost is going from $12.99 to $14.99, while the annual price goes from $99 to $119.

Zoom in: It marks the fourth time Apple has increased prices in the same number of years, Variety notes.

• It cost $4.99 per month when it debuted in 2019.

💭 Nathan's thought bubble: I'm not the first to note that the cost of streaming is fast approaching, matching or even exceeding the cost of traditional cable, depending on how many you sign up for.