Axios

Many Federal Reserve officials believed that the central bank would have to raise interest rates if inflation did not ease, according to the minutes released on Wednesday from the Fed's July 28-29 policy meeting.

Why it matters: Some of the nation's top policymakers worried that interest rates weren't doing enough to restrain the economy and bring down inflation. They warned that waiting too long to raise rates could mean bigger, more painful increases down the line.

JBS of Brazil offered to buy the 18% stake it doesn't already hold in Colorado-based Pilgrim's Pride for around $1.2 billion in stock.

Why it matters: This would give the world's largest meatpacker full control of America's second-largest poultry producer (behind Tyson Foods).

Stocks have been behaving oddly recently, with downright dull moves for the S&P 500 index, even as companies within it swing like mad.

Why it matters: This dynamic — individual stocks posting large, uncorrelated moves that cancel each other out — is another way the AI boom is reshaping the markets.

The U.S. Navy is in the throes of a roller-coaster news cycle.

The big picture: In just the past few days and weeks, we have heard:

• Reports of deteriorating conditions on multiple warships, illuminating how difficult at-sea logistics is and how quickly a deadly conflict can fuel online culture wars.
• A call from President Trump to overhaul shipbuilding as well as the physical design of some of America's largest and most expensive vessels.

Air travel is being squeezed from multiple directions this summer as extreme weather, capacity constraints and geopolitical conflict strain the global aviation system.

Why it matters: Overlapping pressures across the aviation network are leaving travelers more vulnerable to delays, cancellations and higher fares, with no immediate end in sight.

The Trump administration has moved to end Temporary Protected Status for an estimated million-plus people — with expiration dates looming for thousands of others.

The big picture: Tens of thousands who have lost their status or are bracing to lose it have lived in the country legally for upward of a decade, meaning communities could lose longtime members and employers could lose skilled workers.

UN inspectors this week visited several undeclared Assad-era Syrian nuclear sites for the first time — including some used to store nuclear material.

Why it matters: The inspections by International Atomic Energy Agency (IAEA) Director General Rafael Grossi and his team came after diplomatic efforts by the Trump administration, first reported by Axios, that produced understandings with both Syria and Israel.

The world has a new, expensive problem: The cost of borrowing money for decades keeps going up, making it getting harder to dismiss as a temporary market tantrum.

Why it matters: The relentless rise in borrowing costs in recent months makes a long-feared scenario harder to dismiss: that investors demand higher and higher returns in ways that make it prohibitively expensive to finance investments meant to power the next era of economic growth.

• The consequences extend far beyond financial markets.

The price of one of the most seemingly boring products in the world, bare printed circuit boards, is skyrocketing to levels never seen before.

Why it matters: AI-driven demand for chips and the war with Iran are two big factors behind the surge.

• And if you want to understand what's happening with inflation now and what could happen soon, bare printed circuit boards are key.

President Trump has a new rule for America's partners: Cross him in one theater, and the consequences will follow you into the next.

Why it matters: Trump has spent his second term battering U.S. allies, humiliating their leaders and using decades-old security relationships to settle personal and political scores.