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👋Good morning. Wednesday has a particular energy to it — too far from Monday's fresh start to feel new, too far from Friday to feel like relief, just the honest middle of the week where the real work gets done. That was the mood in business circles too. Big institutions spent yesterday being reminded, loudly, that they don't get to write their own rules forever — regulators, courts and governments all found new ways to push back on companies that assumed the runway was clear. Meanwhile, over in Washington, traders were doing what traders do best: waiting. This afternoon brings the minutes from the Federal Reserve's July meeting, a kind of dress rehearsal before the bigger show at Jackson Hole in a few weeks. Nobody expects fireworks. Everybody's watching anyway. Here's everything else that shaped the day.
