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Your Sunday US Briefing: From Jackson Hole to Pebble Beach Supercars

(Bloomberg) — Hello from Los Angeles.

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Whether you’re sipping on your third Bloody Mary at brunch or wondering if it’s time to review your to-do list, here’s a little something to get you primed for the new week.

The big speech: While we’re set to get an updated GDP reading for the US economy Thursday, all ears will be tuned into Jay Powell’s words at Jackson Hole the following day. It’s his big chance to reset expectations among investors, who’ve driven markets higher since the Fed’s last policy meeting. Powell is expected to restate the central bank’s resolve to get inflation under control, though he’ll probably stop short of signaling how big officials will go next month, write Matthew Boesler and Jana Randow.

The big earnings: Job cuts, price hikes and closed stores — one-time stock-market darling Peloton has outlined a whole list of steps it’s taking to stem a post-Covid slump. But those measures, as well as a planned shift to build-it-yourself bikes, won’t come in time to stem what’s expected to be the company’s worst quarterly performance in about two years. Also up this week: Zoom, another pandemic-era favorite.

The big market thought: In the midst of this year’s bear market, hedge funds have done much better than the market as a whole but what if you could repackage their strategies into low-fee ETFs? That’s exactly what one Blaupost Group alumnus has done, by figuring out the big trades of hedge funds and replicating them cheaply in a managed-futures ETF. The big tech idea: Mark your calendars. Apple aims to launch the iPhone 14 series on Sept. 7, reports Mark Gurman. The new phones kickstart a busy fall product season, testing consumer appetite for high-end devices even as the economy slows. And here’s another scoop from Gurman. Netflix doesn’t plan on letting users of its new ad-supported tier download shows to their devices for offline viewing or skip through ads, according to code found within its iPhone app. Food for thought: If you can’t download a movie to make your next plane trip bearable, are the savings really worth it?

The big tour: Dozens of farmers and analysts are nearing the final stretch of their first-hand look at the growing condition of plants used for livestock feed, food and fuel. In particular, they’ll be assessing the impact of scorching heat and lack of rain that’s hit key parts of the Farm Belt.

The big binge: Blood, sex, violence, plotting and dragons are back. Bloomberg Pursuits got an early preview of the first six episodes of House of the Dragon (if you didn’t get into Game of Thrones, this will have passed you by.) Here’s the verdict: It will make Sunday night on HBO necessary viewing again.

The big trip: It could be a good time to visit to Mount Kilimanjaro. Tanzania has installed high-speed internet on Africa’s tallest mountain, which means climbers can now post selfies (or make Zoom calls, if you must) at 19,000 feet. As many as 6,000 visitors are on Kilimanjaro at any one time, and better connectivity is likely to increase that number.

The big match: Manchester United faces long-time rival Liverpool at Old Trafford Monday, with both teams seeking their first win this season. The Red Devils are looking to score off the field as well, with the Glazer family considering the sale of a minority stake in the club, Bloomberg has reported. Even Elon Musk has joked about getting a piece of the action. Here are five things you need to know about the potential deal.

The big show: The Pebble Beach Golf Links in California play host to one of the more spectacular car shows around. Tickets start north of $500 to stroll around the Pebble Beach Concours d’Elegance. Watch clipboard-carrying men and women in navy blazers, white gloves and boater hats do their judging, and stare open-mouthed at, say, the latest Koenigsegg hypercar or the McLaren Solus GT, the real-life version of a concept car that featured in the Gran Turismo Sport video game. Prices start at $3.6 million.

ICYM our Big Take: What role did one of the world’s richest men play in bringing the landmark US climate and tax bill — once thought dead — into fruition? Turns out that Bill Gates, along with others from environmental groups, labor unions and economists, spent long months lobbying Joe Manchin, who held the crucial vote need to pass legislation in the evenly split Senate. Bloomberg Green spoke with Gates to find out how his three-year campaign to influence Manchin helped bring about the new climate bill.

And finally, here’s an interesting podcast to take you into the new trading week: Andrew Beer stops by the “What Goes Up” podcast to explain how to beat the hedge funds at their own game.

Good luck this week. See you on the other side.

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