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Im Julia Chatterly in for christine romans. It is friday. Happy friday. August 23rd. 4 00 a. M. Here in new york. We have reports from france, south korea, and brazil. First, its hard to recall a wilder twoweek period for the markets and the economy, cracks are beginning to form. Some of them selfinflicted perhaps by the white house. In just the last two weeks, the yield curve inverted. Investors demanding higher rates in the short term. Weve had new projecions saying the deficit will soar past 1 trillion in 2020. Job estimates will revise down, and the president repeatedly flipflopped on a new tax cut. This trade persistent uncertainties leaving the fed searching for flexibility here. Yesterday we learned the Manufacturing Sector is shrinking for the first time in a decade. All that means a pretty big day for fed chair jay powell. He faces a serious test with a highprofile speech in wyoming, looking here to reassure investors. Hes also facing pressure from President Trump and expectat

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