Justice Stephen Breyer to Retire from SCOTUS ⚖️

Earlier this week, it was announced that Justice Stephen Breyer would retire from the Supreme Court of the United States after serving for 27 years. 🇺🇸 Breyer’s retirement offers President Biden the opportunity to fill the Justice’s position with a left-leaning successor. 

On news of Justice Breyer’s retirement, President Biden shared the following announcement on Instagram: 

The person I nominate to replace Justice Breyer will be someone with extraordinary qualifications. Character, experience, and integrity. And they will be the first Black woman nominated to the United States Supreme Court.” 

Despite political polarization in the Supreme Court and in the United States, each of Stephen Breyer’s fellow justices are singing his praises. ✨ Justice Gorsuch shared “I will very much miss his wisdom—and his wit—at our conference table” and Justice Sotomayor said “We all will miss his commitment to seeking consensus and ensuring collegiality in all we do. He has served the country with honor.” 

But you’re probably wondering the same thing… so who’s Biden’s nominee to replace Stephen Breyer? So far, some names that could be considered include Leondra Kurger, Leslie Abrams Gardner, Sherrilyn Ifill, Melissa Murray, Keeanga-Yamahtta Taylor, and Barbara Ransby. Each of these candidates is a graduate from Yale or Harvard law school.

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International Central Banks Follow Suit

Yesterday the U.S. Federal Reserve raised interest rates by 25 bps and set the stage for ongoing rate increases as it continues to battle inflation. 📰

Today, we heard from the European Central Bank (ECB) and Bank of England (BOE), which also continued tightening. Let’s see what they had to say.

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What The Fed Did He Just Say?

Despite the market celebrating cooler-than-expected CPI and PPI prints this week, one Fed Governor remains thoroughly unimpressed by the progress. 😒

Federal Reserve Governor Christopher Waller said that U.S. central bankers “haven’t made much progress” despite embarking on one of the most aggressive rate tightening cycles in history. He noted that important measures and components of underlying inflation have “basically moved sideways with no apparent downward movement.”

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Powell’s Poetic Jackson Hole Speech

Fed Chair Jerome Powell’s highly-anticipated Jackson Hole speech initially sent the market indexes lower before rebounding to close the week mixed. 📝

Although he acknowledged the progress higher monetary policy has made on inflation, he reiterated that prices are still above the central bank’s target. As a result, the Fed is prepared to raise rates further and intends to hold policy at a restrictive level until confidence improves that inflation is sustainably moving towards its target. ⏯️

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