Gov. Tim Walz: "Never Underestimate A Public School Teacher"
Fed poised to cut interest rates with help from new US labor data
Was this email forwarded to you? Sign up!
Good morning,
How does a Pumpkin Spice Latte sound on a hot summer’s day? Well, Starbucks is bringing the iconic drink back today — earlier than ever.
🎃 It’s the 21st year of the drink. It arrives two days earlier than last year.
About 10% of the company’s overall sales come from seasonal staples.
Don’t worry. Fall doesn’t actually start until September 22.
Mosheh, Jill, & Lauren
PS: Don’t forget to refer friends & family to subscribe to the Mo Newsletter… you could get free Mo News merch — DETAILS at the bottom of this newsletter!
📌 DNC GOES ALL ‘FRIDAY NIGHT LIGHTS’ AS GOV TIM WALZ IS INTRODUCED TO NATION
Minnesota Gov. Tim Walz leaned heavily into his personal story as a teacher and football coach from rural America, as he addressed the Democratic National Convention Wednesday night.
Walz’s emotional, plain-spoken speech outlined his journey to politics. He noted that he overcame the tough odds, but was inspired by his students when he first ran for Congress and won. “Never underestimate a public school teacher,” he said to applause.
KEY TAKEAWAYS
“I haven’t given a lot of big speeches like this, but I have given a lot of pep talks,” he said, recounting his time as a high school football coach. "Before his speech, some of the State Champion team took to the stage.
Before politics: Walz enlisted in the National Guard at age 17 and served for 24 years. He said, “Everybody belongs and everybody has a responsibility to contribute. For me, it was serving in the Army National Guard.” He used the GI Bill to get a degree and became a public school teacher.
Legislation: Walz outlined his work in Minnesota that cut taxes, gave families paid family and medical leave, enshrined the right to an abortion, cut the cost of prescription drugs, and gave kids free meals. “While other states were banning books from their schools, we were banishing hunger from ours,” he said.
On freedom: Walz distinguished how each party views freedom. “When we Democrats talk about freedom, we mean the freedom to make a better life for yourself and the people that you love. Freedom to make your own health care decisions. And yeah, your kids' freedom to go to school without worrying about being shot.”
Family: From the start of Walz walking on the stage, his family was very emotional — his 17-year-old son Gus openly wept during his dad’s speech.
He spoke about the fertility treatments that allowed him and his wife to have his kids.
WHAT THE PEOPLE SAY
Going into the speech, polling showed that 36% of American adults viewed Walz favorably vs 25% unfavorably. On the other side of the ticket, Sen. JD Vance is perceived positively by 27% of Americans, but negatively by 44%.
MORE NIGHT THREE HIGHLIGHTS
Several other notable speakers helped inspire Democrats at the convention last night.
Former president Bill Clinton painted a picture in his speech of former president Trump as a man out only for himself. “So the next time you hear him, don’t count the lies. Count the I’s,” he said. It was Clinton’s 12th convention address in the last 50 years. He delivered his first one in 1980.
Talk Show legend Oprah Winfrey brought some in the crowd to tears, saying the election boils down to a choice of values and character and warned that “decency and respect are on the ballot.” It was her first ever address.
The emotional parents of US hostage Hersh Goldberg Polin, who is being held by Hamas in Gaza, gave a moving speech, urging their son to “stay strong” and “survive.” Jonathan Polin and Rachel Goldberg-Polin took the stage to loud applause and chants of “Bring them home.”
Notably, the DNC has told pro-Palestinian “uncommitted” delegates that they will NOT be receiving a speaking slot this week.
📌 JOBS MARKET COOLS AS FED APPEARS POISED TO CUT RATES NEXT MONTH
A review of US jobs data from this past year has found that the labor market was not as hot as officials initially thought. The Bureau of Labor Statistics on Wednesday found that there were 818,000 fewer jobs between April 2023 to March 2024 than were initially reported.
This all but guarantees that the Federal Reserve will cut rates in September at its next meeting. It comes as over a quarter of Americans are looking for new jobs, the most in a decade, and recession fears still loom.
THE NUMBERS
The preliminary data marks the largest downward revision since 2009 — final numbers will be out in February. Spread across the prior year, the average estimated monthly job gain was still 173,500, but down from the previous estimates of nearly 242,000.
Washington Post’s Heather Long says, “This is still a solid pace, but we don't want to see a lot more decline.”
Still good news: The unemployment rate during the same period was still at historic lows, under 4%, along with low weekly unemployment benefit requests.
VIBE CHECK
On average, Americans’ general feelings about the economy are still overwhelmingly blah. 28% of Americans (both employed and unemployed) are looking for a new job, and 4.4% fear becoming unemployed.
Some economists have criticized the Fed for taking too long to cut interest rates and for being overly focused on curbing inflation, to the detriment of the labor market.
The adjusted jobs data puts more pressure on the Fed to cut interest rates by 25 or 50 base points in September — which could make a difference for people wanting to buy a home or car, and ultimately boost sentiment.
⏳ SPEED READ
🚨NATION
📌 At least 55 arrested after clashes with police outside Israeli Consulate in Chicago during DNC (AP)
📌 MIT’s Black student enrollment drops significantly after Supreme Court affirmative action ruling (NBC NEWS)
📌 Trump holds first outdoor rally since assassination attempt (AP)
📌 Woman jumps fence at NJ zoo and tries to touch 500 lb. Bengal tiger (PEOPLE)
🌎 AROUND THE WORLD
📌 Ukraine attacks Moscow in one of largest ever drone strikes on Russian capital (REUTERS)
📌 Key mediator Egypt expresses skepticism about the Gaza cease-fire proposal as more details emerge (PBS)
📌 Pair of missing scissors leads to delays and cancellations at Japan airport (NBC NEWS)
📌 Police raid Andrew Tate’s home in Romania as new allegations emerge involving minors (AP)
📱BUSINESS, SCIENCE & TECH
📌 Canada's looming rail strike poses threat to US supply chains (BBC)
📌 Federal judge throws out US ban on noncompetes (NPR)
📌 Ford adjusts EV lineup, adds hybrids, to protect profits (AXIOS)
📌 As strength training gets more popular, Peloton and Planet Fitness shift focus (CNBC)
🎬 SPORTS & ENTERTAINMENT
📌 The DNC roll call featured a musical salute to each state. Here's what your state chose (NPR)
📌 Richard Simmons’ Death Was “Accidental” and “Due to Complications From Recent Falls and Heart Diseases” (HOLLYWOOD REPORTER)
📌 Adam Sandler says ‘Happy Gilmore 2’ starts filming in ‘a couple weeks,’ teases Travis Kelce cameo and a ‘juicy part’ for Benny Safdie (VARIETY)
📌 Chick-Fil-A Hatches Plans For Streaming Service As Reality TV Comes Home To Roost (DEADLINE)
🗓 ON THIS DAY: AUGUST 22
1950: Althea Gibson becomes the first African American on US tennis tour.
1980: Queen released “Another One Bites the Dust.” The song spent three weeks as #1 on Billboard’s Hot 100.
1987: ‘Legend of Zelda’ video game was released in the US.
2004: Norway's most famous painting, “The Scream” (1893) by Edvard Munch, was stolen from the Munch Museum in Oslo; it was recovered two years later.