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Situational awareness:

  • China's central bank set the daily currency fixing stronger than analysts expected, helping push the yuan well below the 7-to-1 mark against the dollar. (Bloomberg)
  • Luxury department store Barneys announced it will file for bankruptcy in order to restructure its business and pursue a sale. (NYT)
  • "[T]he Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons," Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen wrote in an op-ed. (WSJ)