We learned yesterday that business activity in the U.S. picked up in August, led by a big advance in the manufacturing sector. Manufacturing had been in a slump, but recorded its strongest growth in orders in 18 months. Is it the start of a bigger trend or just a blip? Then, Evergrande — once one of China's biggest property developers — is having its shares delisted from Hong Kong's stock exchange. Its ruinous downfall has threatened to weigh down the world's second-largest economy.

The fashion world has the Met Gala. The movies have the Oscars. Central banking has an annual gathering in Jackson Hole, Wyoming. Fed Chair Jerome Powell will deliver a speech, where economists will be listening for clues on interest rates. But there’s another pressing issue looming over Powell’s speech: a new five-year framework for the Fed's interest rate strategy. We have an explainer. Plus, there's new evidence that first-time homebuyers remain undeterred.

From the BBC World Service: A trade agreement between the United States and the European Union means that U.S. tariffs on imported European goods will be significantly lower than previously thought. The U.S. will cap tariffs on European cars, pharmaceuticals, and semiconductors at 15%. That's a huge decrease from prior threats of levies as high as 250%. Plus, it's the Edinburgh Festival Fringe in Scotland, showcasing drama, comedy, and music. The tourism provides an economic boost, but also makes things pricier. How are folks there dealing?

President Donald Trump recently demanded that Federal Reserve Governor Lisa Cook resign after she was accused of mortgage fraud. In a statement, Cook said she has no intention of being "bullied to step down" and that she's "gathering the accurate information to answer any legitimate questions." We'll hear more. Plus, a weakening labor market sets the backdrop for the Fed's annual Jackson Hole conference, and Microsoft's AI chief voices concerns about "AI psychosis."

Federal Reserve Chair Jerome Powell is set to speak tomorrow in Jackson Hole, and we'll be watching for hints about the future of interest rates. But one tricky part of the inflation equation? Rent. Higher interest rates have kept many would-be homebuyers in the rental market, which boosted overall demand and pushed rents higher. Then, just how stable are stablecoins? We'll provide an update on the state of play in the crypto market.

From the BBC World Service: The impact of U.S. tariffs is already starting to hit consumers' pocketbooks. Imports from Japan to the United States have been subject to a 15% tariff for three weeks, and now Japanese electronics company Sony is bumping the price of its PlayStation 5 consoles by $50 — but only in the U.S. Also on today's show: concerns over AI psychosis and scrutiny over French mineral water.

The prestigious Santa Fe Indian Market draws over 1,000 Indigenous artists from more than 200 tribal nations each year, including First Nations, Inuit, and Métis artists from Canada. But this year, economic policies from the Trump administration have complicated things for those traveling from north of the border. We'll chat with a few artists. Also on the show: India and China will restart direct flights, and mortgage rates dip, but not enough to boost demand.

Commerce Secretary Howard Lutnick has confirmed that the Trump administration is considering taking a stake in the struggling U.S. chipmaker Intel. The arrangement would be unusual but not unprecedented. And Intel was already getting a federal grant under the CHIPS and Science Act, approved during the Biden administration. Also on the show: a dispatch from the annual World AI Conference in Shanghai and a look at the pluses and minuses of retailers using third-party vendors.

From the BBC World Service: Hundreds of thousands of avid video gaming fans are gathering in Cologne for Gamescom 2025, the world’s largest annual video game event. It comes at a time when the industry is struggling with studio layoffs, increased competition in a crowded market, and rising costs. Plus, a centuries-old church in Sweden has begun a slow-motion journey to make way for the expansion of the world's deepest iron ore mine.

Many garment factories have shuttered amid a decades-long decline in U.S. apparel production, and tariffs won't be enough to bring them back. But higher-end, higher-quality clothing can still be made at a profit stateside. Today, we'll take lessons from one suit factory in New Bedford, Massachusetts. But first: Home Depot reported disappointing profits this morning, and more retailers are having to weigh price costs, dwindling warehouse inventories, and price-conscious consumers.