News Summary

• Kevin Warsh may want a quieter Fed, but markets will fill the silence, just less reliably and at a high cost.
• The higher temperatures climb, the more inflated household costs like groceries will become, economists predict.
• The wealth effect is real, but it’s concentrated where the assets are.
• The data is real.
• Every billionaire is a policy failure.
• The first trillionaire is also a market failure.
• We used to think we could have both liberalism and democracy.
• Now we are forced to choose between them.