Notes this week: 

• IRIMO (Iran Meteorological Organization) just verified and officialized the 53.6C recorded at Shush on 9 August. This would be the highest temperature ever recorded in Asia in August and one of the highest worldwide in history.
• THIS IS 128.48 Fahrenheit
• 
  
• With interest rates now hovering around 5%, existing-home sales are down more than 14% from last year. (Booomberg)

• The Inflation Reduction Act has PASSED! Every Democrat voted for the bill. Every Republican voted against it. 

• The University of Michigan consumer sentiment survey showed that inflation expectations for the year-ahead cooled in July and morale among US consumers rose to a 3-month high. 

 

• Trump, first president to take the Fifth.
• Trump, first president to have his home searched by the FBI.
• Trump, first president to be investigated for violating the Espionage Act.  
• 
  
  
  

• Turkey’s bonds are downgraded by Moody’s to B3 from B2. (Junk)

• Putin is offering $1,900 per month for any Russian willing to fight in Ukraine.

• US Crop production:
• Soybeans & corn ended higher. Wheat ended mixed today.