Fed Chairman Powell on Friday: Something for Everyone Re: Taper Timeline

Hot commodity: water | Afghanistan | WOTUS redo | Infrastructure bills

In Today’s Digital Newspaper

Market Focus:
• Taper time is on the way… perhaps
• White House releases revised budget and growth projections over next 10 years
• Kansas City Southern (KCS) has special shareholder meeting Friday
• Water futures, launched less than a year ago, are boiling hot now
• Aluminum prices are reaching 10-year highs
• Bull market in Afghanistan for raw opium
• Ships waiting to enter U.S. gateway for trade with Asia hits highest number since pandemic
• Rigs in La. area seem to have escaped significant damage from Hurricane Ida
• Ag demand update
• More rain for northern areas of the Midwest, Ida causes limited crop damage
• IKAR reports Russian wheat prices still climbing
• Ukraine’s farm ministry expects big jump in grain exports this season
• Boxed beef prices turn back, prompting futures to do the same
• Pork production down from last year’s elevated levels

Policy Focus:
• Biden announces pay raise for federal employees effective Jan. 1 
• What’s up with WOTUS rule redo?
• Reaction to botched Afghanistan withdrawal: higher odds for infrastructure spending bills
• Real price tag of “social” infrastructure measure

Afghanistan:
• Final pullout from Afghanistan began Saturday
• U.S. has capacity to evacuate remaining Americans: White House
• U.S. strikes vehicle in Kabul that posed an ‘imminent’ Islamic State threat to airport
• McConnell: Afghanistan withdrawal 'one of worst foreign policy decisions in U.S. history’
• Joint arrangement of 98 countries to evacuate Afghan allies after deadline

Biden Administration Personnel:
• Former Obama admin. transportation official John Porcari envoy to ports

China Update:
• China continues big buys of U.S. farm products in second year of Phase 1 agreement
• China will continue to buy pork for its reserves to shore up prices
• Coming Tuesday: China’s factory
• China's economic officials ordered steel mills to cut output

Trade Policy:
• Canada joins in Mexico/U.S. auto talks

Energy & Climate Change:
• OPEC+ seen sticking to planned output hike

Livestock, Food & Beverage Industry Update:
• Potato industry eyes farm bill
• Food prices in Japan are rising

Coronavirus Update:
• Biden mulls booster shots 5 months after 2nd dose; no official decision by FDA
• Data: Vaccine immunity is not waning much
• Moderna's Covi-19 vaccine contamination woes in Japan widen
• EU travel restrictions

Politics & Elections:
• Facts and figures in state legislative chambers
• Biden presidency: from competence, calm and control to chaos

Other Items of Note:
• Supreme Court Justice Stephen Breyer remains undecided about his future
• Steve Verett honored in podcast  
• Robert F. Kennedy's killer, Sirhan Sirhan, recommended for parole
 

MARKET FOCUS

Equities today: Global stock markets were mostly firmer in quieter trading overnight. The U.S. stock indexes are pointed to firmer openings. Overnight the MSCI Asia Pacific Index added 1.0% while Japan’s Topix index closed 1.1% higher as tech shares in the region rose. In Europe the Stoxx 600 Index was 0.1% higher in early trading, with volumes low in the region as London is closed for a holiday.

     U.S. equities Friday: Stocks ended higher Friday, with the S&P 500 and Nasdaq Composite closing at records after Federal Reserve Chairman Jerome Powell said he was in favor of beginning to taper the central bank's asset purchases this year, but offered no specific timetable. The Dow closed up 242.68 points, 0.69%, at 35,455.80. The Nasdaq and S&P 500 finished at new records. The Nasdaq gained 183.69 points, 1.23%, at 15,129.50. The S&P 500 was up 39.37 points, 0.88%, at 4,509.37.

     For the week, the Dow rose 1%, while the S&P 500 saw a 1.5% gain and the Nasdaq rallied 2.8%.

On tap today (see detailed list of events and reports below):

     • U.S. pending-home sales for July are expected to rise 0.5% from the prior month. (10 a.m. ET)
     • Dallas Fed's manufacturing survey is expected to fall to 23.5 in August from 27.3 a month earlier. (10:30 a.m. ET)
     • USDA Grain Export Inspections report, 11:00 a.m. ET.
     • USDA Crop Progress report, 4:00 p.m. ET.
     • China's official surveys of purchasing managers at factories and across the service sector are due out at 9 p.m. ET.

— Taper time is on the way… perhaps. Fed’s Powell gives some signals, but with caveats. Federal Reserve Chairman Jerome Powell signaled in his virtual Jackson Hole speech Friday that the central bank may begin winding down its emergency bond-buying program this year. Key word is may. Why?

     For one, inflation. It’s rising, but the Fed keeps saying it is “transitory.” Powell said that the Fed’s inflation objective has been met — that came just after a report Friday showed the Fed’s favored inflation gauge rose a faster-than-expected 4.2% in July, or 3.62% after backing out food and energy prices. That latter rate is the highest since May 1991, and it is well above the Fed’s longstanding 2% inflation target. “Businesses and consumers widely report upward pressure on prices and wages. Inflation at these levels is, of course, a cause for concern,” Powell said. But then he argued, again, why inflation isn’t a problem, saying pricing pressures aren’t broad. Some other Fed officials have recently argued against that assessment.

     Second caveat: Labor market. Hiring is strong but could be better. Powell made a  reference to “clear progress” toward maximum employment. But Powell quickly added an offset: “Labor market conditions are improving but turbulent, and the pandemic continues to threaten not only health and life, but also economic activity.” So, despite solid hiring in recent months, total employment remains six million below its February 2020 level. “At the FOMC’s recent July meeting, I was of the view, as were most participants, that if the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year,” Powell said. “The intervening month has brought more progress in the form of a strong employment report for July, but also the further spread of the Delta variant.”

     Third caveat: Covid-19. The Delta variant may or may not be an economic problem.

     Bottom line: Powell avoided answering when the Federal Open Market Committee (FOMC) will start trimming its $120 billion in monthly Treasury and mortgage-backed securities purchases, and how long will the wind-down take.

     Consensus viewpoint: Many private analysts look for a Fed announcement in November that the process will begin in December. Once tapering starts, Goldman Sachs sees reductions of $15 billion per FOMC meeting which would take eight months to complete.

White House gave Congress revised budget and growth projections over the next 10 years. It now forecasts the economy will expand 7.1% this year, compared to a May forecast of 5.2%, and will average 2.2% annual growth over the next decade, compared with 2% previously projected, according to figures as part of a mis-Session review, a document prepared for Congress. It reports realized and expected changes in federal government spending and revenue. The administration’s stronger projection incorporates new analysis on the impact of President Joe Biden’s multitrillion-dollar economic agenda. Inflation is forecast to more than double, rising to 4.8% in the fourth quarter, the White House projects, but quickly abate in 2022.

     The projections resulted in a $555 billion smaller deficit projection for the 2021 fiscal year, ending Sept. 30. For the following decade, the White House cut its deficit forecast by another $684 billion.

     The new calculations are likely to become part of Biden’s sales pitch to Congress as he attempts to woo lawmakers to pass his $4.1 trillion-dollar economic agenda. That includes the $550 billion infrastructure deal new spending that’s’ already cleared the Senate, and a $3.5 trillion budget resolution that proposes long-term investments in childcare, education and other parts of the American social safety net.

Kansas City Southern (KCS) has a special shareholder meeting Friday to seek approval for its proposed merger with Canadian National Railway. In May, Kansas City Southern agreed to combine with Canadian National in a cash and stock transaction valued at roughly $34 billion. KCS first agreed to sell itself to Canadian Pacific Railway Lt. but switched to Canadian National after receiving a higher offer. The Surface Transportation Board (STB) has primary and independent oversight for the railroad sector, but the U.S. Dept. of Justice has asserted a “statutory right to intervene” in major merger proceedings and has raised objections to aspects of the deal. The STB said the acquirer must meet tougher rules adopted in 2001 that require it to prove a transaction enhances competition and serves the public interest. A recent executive order from President Biden proposed adding another dimension to the public-interest consideration: It wants the STB to factor in how railroads have performed when it comes to respecting Amtrak passenger trains’ priority right of way. While the STB has the ultimate decision, the executive order provides cover to block the deal.

Market perspectives:

     • Outside markets: The U.S. dollar index is slightly lower but still trending higher. Nymex crude oil futures prices are lower and trading around $68.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.30%. 

     • Water futures, launched less than a year ago, are boiling hot now. A drought in California has led to a spike in the state’s water prices, nearly doubling the value of futures contracts for the essential commodity this year, according to an article in the most recent Barron’s (link/paywall). The Nasdaq Veles California Water Index, which represents the weighted average price of water-rights transactions across five major markets in California and is published weekly, has climbed by roughly 87% year to date to $923.54 per one-acre foot. (The unit of measure represents the amount of water needed to submerge one acre of land in one foot of water, or about 325,851 gallons of water.) On the CME, water futures based on that index have climbed 90% this year to $942 per one-acre foot.

     • Aluminum prices are reaching 10-year highs. There is enough aluminum to go around globally. The trouble is that much of the metal is sitting in Asia, and buyers in the U.S. and Europe have struggled to get their hands on it. Ports are jammed with a crush of orders from companies hustling to restock inventories and prepare for the Christmas holiday shopping spree. Containers used to move industrial metals are in short supply, and traders are feeding rocketing freight costs through to customers, the Wall Street Journal reports (link).

     • Bull market in Afghanistan for raw opium. $200 is the price of a kilogram of raw opium in Afghanistan, up from $70, after the Taliban ordered a stop to its production as they seek international acceptance as the country's new rulers. Raw opium is processed into heroin.

     • Ships waiting to enter the biggest U.S. gateway for trade with Asia reached the highest number since the pandemic began, exacerbating delays for companies trying to replenish inventories during one of the busiest times of the year for seaborne freight. Forty-four container carriers were anchored and awaiting a berth space outside the twin ports of Los Angeles and Long Beach, California, as of late Friday, topping the record of 40 initially set in early February, according to officials who monitor marine traffic in San Pedro Bay. The average wait rose to 7.6 days, from 6.2 in mid-August, according to L.A. port data. Imports are pouring into the world’s largest economy just as inland transportation — like trucking and railroads — contends with its own bottlenecks of shipping containers that aren’t being moved fast enough into distribution centers and warehouses.

     • Ag demand: Pakistan tendered to buy around 550,000 MT of wheat. Taiwan’s MFIG purchasing group issued an international tender to buy up to 65,000 MT of animal feed corn from the U.S., Brazil, Argentina or South Africa. Jordan’s state grain buyer issued a new tender to buy 120,000 MT of animal feed barley. The Korea Feed Association bought around 66,000 MT of corn expected to be sourced from South America or South Africa in an international tender. Algeria’s state grains agency issued an international tender to buy milling wheat sourced from optional origins. Egypt is seeking to buy an unspecified amount of wheat from global suppliers.

     • CFTC Commitments of Traders report (Source: Barron’s):

     • Wind, storm surge from Hurricane Ida lash Louisiana, knocks out power in New Orleans. Hurricane Ida blasted ashore Sunday as one of the most powerful storms ever to hit the US, knocking out power to all of New Orleans, blowing roofs off buildings, and reversing the flow of the Mississippi River. The hurricane was blamed for at least one death. Authorities remain confident that defenses which were upgraded in the wake of Hurricane Katrina will hold — New Orleans' levees got a $14.5 billion upgrade after Hurricane Katrina. U.S. gasoline prices jumped as operations at key refineries were suspended, while the price of crude is falling today as rigs in the area seem to have escaped significant damage.

     • NWS weather: Hurricane IDA is forecast to slowly weaken while moving northeastward with a Slight Risk of severe weather for tornado potential over parts of the Central Gulf Coast through Tuesday morning... ...There is a Moderate Risk of excessive rainfall associated with IDA over the Central Gulf Coast and Tennessee Valley that will travel along with the IDA’s circulation into the Mid-Atlantic/Northeast through Thursday... ...There is a Slight Risk of severe thunderstorms over the Northern/Central Plains and a Slight Risk of excessive rainfall over the Middle Missouri Valley and parts of the Ohio Valley through Tuesday morning... ...The excessive rainfall threat increases over the Southwest into the Central Rockies.

Items in Pro Farmer's First Thing Today include:

     • More rain for northern areas of the Midwest, Ida causes limited crop damage
     • IKAR reports Russian wheat prices still climbing
     • Ukraine’s farm ministry expects big jump in grain exports this season
     • Boxed beef prices turn back, prompting futures to do the same
     • Pork production down from last year’s elevated levels
 

POLICY FOCUS

— Biden announces pay raise for federal employees effective Jan. 1. In a letter to congressional leaders, President Biden said the across-the-board base pay increase for 2022 will be 2.2% and locality pay increases will average 0.5%, resulting in an overall average increase of 2.7% for civilian federal workers.

— What’s up with WOTUS rule redo? On Friday we noted that Republican lawmakers have asked for a 60-day extension of the comment period for the Biden administration recommendations to rewrite the 2020 Navigable Waters Protection Rule (NWPR), previously dubbed the Waters of the U.S. (WOTUS) rule. The current 30-day comment period ends on Sept 3. EPA says there only will be an extension for State government agencies to comment but not for the regulated public.

     EPA and the Army Corps of Engineers (Corps) have held several virtual stakeholder meetings to take recommendations. The meetings had more than 100 participants each with just 20 to 30 having time to speak for three minutes each with no additional discussion allowed. One thing is clear so far: Nearly all agricultural stakeholders, homebuilders and other businesses impacted by Clean Water Act (CWA) permits recommended keeping the Navigable Waters Protection Rule (NWPR). The large environmental organizations, hunting/fishing organizations, and others want the NWPR replaced by the 2015 Waters of the United States (WOTUS) rule.

     Bottom line: EPA wants to rescind the NWPR and replace it with the pre-existing regulations that were in effect prior to the 2015 WOTUS rule, but it will add new regulations based on Supreme Court decisions. This rule will be in effect until the EPA and the Corps write a new rule that is more stringent than the NWPR.

— Congressional reaction to botched Afghanistan withdrawal: higher odds for infrastructure spending bills. At least that is based on early assessments from Democrats, who say they must show something they accomplished following recent negative polls regarding border issues, crime statistics on the rise, and President Biden’s sudden poll rating declines.

— The real price tag of “social” infrastructure measure. The Committee for a Responsible Federal Budget estimates that the alleged $3.5 trillion outline would really cost more like $5 trillion to $5.5 trillion, when adjusting for the accounting gimmicks.

AFGHANISTAN

— Updates:

• Afghan fatalities rose to around 170 after last Thursday’s suicide bombing in Kabul.
• Final pullout from Afghanistan began Saturday. The U.S. military began the process of withdrawing from Hamid Karzai International Airport but pledged to continue to evacuate people despite threats to the dwindling force and its outbound aircraft, the Pentagon said Saturday. 
• U.S. has capacity to evacuate remaining Americans, White House says. The United States has the capacity to evacuate the approximately 300 US citizens remaining in Afghanistan who want to leave before President Biden’s Tuesday deadline, senior Biden administration officials said Sunday.
• U.S. strikes vehicle in Kabul that posed an ‘imminent’ Islamic State threat to the airport. "We are confident we hit the target we were aiming for; initial reports indicate there were no civilian casualties caused by our airstrike," a U.S. military official said. "Significant secondary explosions" occurred after the strike, indicating "the presence of a substantial amount of explosive material," the official said. This follows word the U.S. carried out a drone strike against an Isis-K "planner" in eastern Afghanistan, in its first move to retaliate against the terrorist group for its deadly attack on Kabul airport on Thursday. According to U.S. Central Command on Friday night, American forces conducted an "over-the-horizon counter-terrorism operation" in Nangarhar province of the country. "Initial indications are that we killed the target. We know of no civilian casualties," a spokesperson said.
• Blinken: U.S. 'on-the-ground diplomatic presence' unlikely in Kabul after withdrawal deadline. Secretary of State Antony Blinken said Sunday that it is unlikely the U.S. will maintain an “on-the-ground diplomatic presence” in Afghanistan on Sept. 1 but reaffirmed President Joe Biden's commitment to evacuate anyone who wants to leave the country past the troop withdrawal deadline.
• McConnell: Afghanistan withdrawal 'one of the worst foreign policy decisions in American history.’ Senate Minority Leader Mitch McConnell (R-Ky.) on Sunday slammed President Biden’s decision to pull U.S. troops from Afghanistan, calling the move “one of the worst foreign policy decisions in American history… We're looking at the exit, and over the next two days our heroic military is doing the best they can with a horrible policy decision. This is one of the worst foreign policy decisions in American history, much worse than Saigon,” McConnell told host Chris Wallace on Fox News Sunday.
• State Department announces joint arrangement with 97 countries to evacuate Afghan allies after deadline. The U.S., in conjunction with 97 other countries, announced Sunday that it has reached an agreement with the Taliban to allow evacuations of Afghan allies after the Aug. 31 troop withdrawal deadline, according to the State Department. The Taliban’s chief negotiator, Sher Mohammed Abas Stanekzai, had announced on Friday that the group would not stop people from departing, no matter their nationality or whether they had worked for the United States during the 20-year war. The countries also pledged to “continue issuing travel documentation to designated Afghans” and cited a “clear expectation of and commitment from the Taliban” of their safe passage.
   

BIDEN ADMINISTRATION PERSONNEL

— White House named former Obama administration transportation official John Porcari as an envoy to ports on the task force tackling supply-chain disruptions.
 

CHINA UPDATE

— China continues to purchase U.S. farm products as Phase 1 agreement in second year.

— China will continue to buy pork for its reserves to shore up prices. China’s state planner today said it will continue to buy pork for its state reserves to support weak prices. Panic selling of heavy animals earlier this summer led to a collapse in Chinese hog prices. The country bought more than 50,000 MT of meat during July.

— Coming Tuesday: China’s factory activity is forecast to expand at its slowest pace in a year and a half in August after extreme weather and a resurgence of Covid-19 cases weighed on business activity. Economists expect the country’s official purchasing managers index to reflect record rainfall in central China at the end of July, which wreaked havoc on the region’s economy and tangled supply chains, and sporadic coronavirus outbreaks that caused strict lockdowns in some cities.

— China's economic officials ordered steel mills to cut output. The country's crude steel production, half the world’s annual total, fell in July by the widest year-on-year margin since the 2008 global financial crisis. Early indicators suggest it might slip again this month. The sharp drop has tanked global-iron ore prices and burnished China’s environmental credentials ahead of a major climate summit in Glasgow in November. But a brewing economic slowdown is testing the government’s will to sustain the cuts.

TRADE POLICY

— Canada joins in Mexico/U.S. auto talks. Canada is joining — as a third party — discussions between the U.S. and Mexico over rules governing cars shipped across North America under the trade pact between the three countries (USMCA), according to a government spokesperson. “We know how important the auto industry is to Canada’s workers and the Canadian economy. Canada has advised the U.S. and Mexico that it intends to join the consultations as a third party. We continue to work with the industry on these and other important issues,” Michel Cimpaye, a spokesperson for Global Affairs Canada, said. Mexico earlier this month said it’s seeking formal consultations with the U.S. over requirements the U.S. is imposing on motor-vehicle producers.
 

ENERGY & CLIMATE CHANGE

— OPEC+ seen sticking to planned output hike. OPEC and its allies are expected to press on with their planned revival of oil production when they meet this week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic and will probably ratify the next monthly installment when it gathers Wednesday, according to a Bloomberg survey of traders and analysts. Several OPEC+ delegates privately predict the same outcome.
 

LIVESTOCK, FOOD & BEVERAGE INDUSTRY

— Potato industry eyes farm bill. The potato industry must turn to a 2023 Farm Bill as an alternative avenue for swifter unloading of crop loads, after an exception to time limits for truck drivers failed to make it into an infrastructure bill. The industry is looking to other legislative options for exemptions to the number of hours a truck driver can operate. Kam Quarles, CEO of the National Potato Council, said his group still backs the infrastructure bill, and is angling for inclusion in the farm bill because the unloading exemption “is something that’s important to get right.” The Transportation Department could make the decision separately through its regulatory authority, Quarles added. But codification from Congress is often a good shield against any potential challenges.

— Food prices in Japan are rising as coronavirus-triggered worker shortages at farms in Southeast Asia crimp supplies. Link for details.
 

CORONAVIRUS UPDATE

— Summary: Global cases of Covid-19 are at 216,465,714 with 4,502,268 deaths, according to data compiled by the Center for Systems Science and Engineering at Johns Hopkins University. The U.S. case count is at 38,798,963 with 637,539 deaths. The Johns Hopkins University Coronavirus Resource Center said that there have been 367,654,331 doses administered, 173,520,211 have been fully vaccinated, or 52.86% of the U.S. population.

— Biden mulls booster shots 5 months after 2nd dose; no official decision by FDA. President Biden said his administration is considering whether to start booster shots of the coronavirus vaccine as soon as five months after people receive a second dose, a move that would accelerate U.S. plans by three months. Relying substantially on data from Israel, Biden’s senior health team announced a plan this month for any adult to get a booster, beginning Sept. 20, if it’s been eight months since their second shot of either the Pfizer-BioNTech or Moderna vaccines. The Biden administration cited warning signs that vaccine efficacy is waning over time, and that the shots aren’t as effective against the Delta variant.

     “We're still planning on eight months. That was the calculation we made. This rollout will start on the week of September the 20th. But as we've said all along, in the original statement, that's the plan that we have, but we are open to data as they come in,” Dr. Anthony Fauci told Meet The Press.

     Any change is still subject to authorization by the Food and Drug Administration.

— Data supports the notion that vaccine immunity is not waning much. The New York Times (link) has an article that raises questions about a study in Israel last month that signal some alarming new Covid-19 data. The data showed that many Israelis who had been among the first to receive the vaccine were nonetheless catching the Covid virus. Israelis who had been vaccinated later were not getting infected as often. “But the real story about waning immunity is more complex than the initial headlines suggested. Some scientists believe that the Israeli data was misleading and that U.S. policy on booster shots has gotten ahead of the facts,” the article notes.

— Moderna's Covi-19 vaccine contamination woes in Japan have widened with another million doses being temporarily suspended, after foreign substances were found in more batches and two people died following shots from affected lots.

— EU travel restrictions. The European Council is set to recommend fresh restrictions on U.S. travelers wishing to enter the European Union, citing the increased spread of Covid-19 in the United States. It’s also a sign of European frustrations with U.S. restrictions: Most Europeans have been banned from entering the U.S. since March 2020. The Council’s recommendations are non-binding, so it’s unclear whether EU member states will carry out the advice, which would include mandatory quarantine requirements.
 

POLITICS & ELECTIONS

— Facts and figures in state legislative chambers. The GOP controls 60 state legislative chambers; Democrats, 38. Republicans will control redistricting in 20 state governments, totaling 188 House districts; Democrats, 73. House Democrats lost 54 seats in 1994 and 63 in 2010, surrendering the majority each time.

— Biden presidency: from competence, calm and control to chaos. The Washington Post quotes a Democratic member of the House, speaking on the condition of anonymity, as saying many in the caucus believe the lower chamber of Congress is already lost in the midterms. Other Democrats said they are bracing for the prospect of Republicans making double-digit seat gains. Besides the Afghanistan withdrawal debacle, Republicans label Biden as a weak leader who has lost control of a swirl of crises, from the surge in migrants at the southern border to a rise in violent crime, and then Afghanistan.

     Polls show Biden’s precipitous decline, with even more negative results likely ahead. Gallup found Biden’s approval rating declining from 56% in June to 50% in July and 49% in the first half of August. A mid-August NBC News survey pegged it at 49%, with 48% disapproving. The survey showed a 16-point drop in Biden’s handling of the pandemic and Americans disapproving of his handling of Afghanistan by more than 2-to-1.
 

OTHER ITEMS OF NOTE     

— Supreme Court Justice Stephen Breyer remains undecided about his future on the United States’ highest court, he said in an interview (link). Breyer is 83 years old and is the oldest member sitting on the court. There has some political pressure campaign to get him to step down while Democrats control the White House and the Senate.

— Steve Verett honored in podcast. In the latest episode of Farm Policy Fact’s Groundwork podcast, host Tom Sell speaks with Steve Verett, the recently retired CEO of Plains Cotton Growers, to reflect on his long and distinguished career working on behalf of America’s farmers and ranchers and discuss what lays ahead for the next generation of farm and ranch leaders.  A surprise celebration was recently held in Lubbock, Texas to honor Verett’s extraordinary service to U.S. agriculture.  Listen to the podcast here.

— Robert F. Kennedy's killer, Sirhan Sirhan, recommended for parole. Sirhan Sirhan, the man convicted of assassinating Robert F. Kennedy at a Los Angeles hotel more than 50 years ago, has been recommended for release by a California parole board, the first step toward making him a free man. The move sparks a 90-day review period by parole staff. After that, Gov. Gavin Newsom — or whoever replaces him in next month's recall election — could still decide to block Sirhan's release. Two of RFK's sons spoke in favor of his release and prosecutors declined to argue he should be kept behind bars.

     But Former congressman Joseph P. Kennedy II condemned the parole recommendation. “Two commissioners of the 18-member California Parole Board made a grievous error last Friday in recommending the release of the man who murdered my father,” Kennedy said in a statement.
 

EVENTS AND REPORTS

Monday, Aug. 30

· FTC antitrust policy. Hudson Institute virtual discussion on "Perspectives on the Current Federal Trade Commission," focusing on antitrust policy.
· Covid vaccines. U.S. Centers for Disease Control and Prevention teleconference of the Advisory Committee on Immunization Practices to discuss Pfizer's Covid-19 vaccine, and additional discussions on mRNA booster doses.
· LNG. U.S./Qatar Business Council virtual discussion on "How Will Liquid Natural Gas (LNG) Drive a Sustainable Energy World?"
· Fusion energy. Energy Department teleconference of the Fusion Energy Sciences Advisory Committee.
· Supply chains. Atlantic Council virtual discussion with Brian Menell, founder and CEO of TechMet, on "creating secure and sustainable critical mineral supply chains."
· Economic analysis and environmental policy. Resources for the Future virtual discussion on "the role of economic analysis in informing environmental rulemaking and policy, regulations for greenhouse gas emissions under the Clean Air Act, and EPA's approach to environmental justice considerations."

· Economic reports.  Pending Home Sales Index | Dallas Fed Mfg. Survey  

· USDA reports. AMS. Export Inspections NASS: Crop Progress