We're back! Thanks to everyone for their food and beverage suggestions in Montreal and Charleston. I literally gained 12 pounds last week. Personal shoutouts and my favorites from each city are at the bottom of the newsletter.
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Illustration: Lazaro Gamio/Axios
In his speech at Jackson Hole on Friday Fed Chair Jerome Powell effectively acknowledged that the world has reached the end of monetary policy as we know it.
Why it matters: Central bank policy was the biggest factor in pulling the global economy out of the financial crisis in 2009 and has been the primary force driving markets for the past decade.
The big picture: Powell's speech was a daunting admission that the all-powerful Federal Reserve may be powerless to stop a recession if it reaches the U.S. — at least with its current box of tools.
Between the lines: Worry about the waning impact of monetary policy was also recently voiced by former Treasury Secretary and National Economic Council head Larry Summers.
The last word: "As we look back over the decade since the end of the financial crisis, we can again see fundamental economic changes that call for a reassessment of our policy framework," Powell said at Jackson Hole.
President Trump may be serious about trying to push U.S. companies out of China, but businesses have already seen that getting out is easier said than done.
Driving the news: In renewing his call for companies to leave China in recent tweets, Trump cited the International Emergency Economic Powers Act of 1977, a law that was passed to allow a president to isolate rogue or criminal regimes.
What's happening: U.S. companies have been trying to move out of China to avoid the tariffs, but China has simply cornered too many markets. Firms have been setting up shop in China for 3 decades and megacompanies like Boeing, Apple, Intel and Nvidia generate major chunks of their revenue there.
Be smart: Some manufacturers have tried moving to Vietnam, but have been stymied by a lack of specialized supply chains and Vietnam's tightening labor market, WSJ's Niharika Mandhana writes.
Millennials are on pace to hold more average mortgage debt than any other generation, recent data from credit firm Experian shows. Millennials' average mortgage balance is growing at more than double the pace of Generation X, which currently holds the most debt.
The battle over who has the best chicken sandwich that has become a viral internet sensation boils down to a change in consumer eating habits. It's the result of the one constant in the post-financial crisis world: cash-strapped and overburdened people looking to save money.
The big picture: "To understand what’s going on with Popeyes you have to first understand what’s going on with chicken," Claire Suddath writes for Bloomberg Businessweek.
How we got here: Popeyes "has been doing fine in recent years, but Chick-fil-A was beating it at its own game. What did its competition primarily sell? Fried chicken sandwiches. Popeyes needed a sandwich. And it needed a fight," Suddath writes.
From there, social media took over and the rest, as they say, is history.
Thanks to Amitt Z. and Will C. for suggesting Joe Beef and Liverpool House in Montreal. The steak I had at Liverpool House was incredible.
Much love to Tim R., Adam M., Josh L. and Parker G. for pointing me in the direction of Leon's in Charleston. The Bloody Mary oyster was life changing.
P.S. Bek B., I loved Charleston so much I came by to check out your condo, but you weren't there. I sent proof.