Editorial companion

What stands out

Zachary Hill's short take on Schwab Network matters because it captures what markets are doing right now: traders are pricing a 25 basis point interest rate hike for September, and the next Consumer Price Index (CPI) print looks decisive. Hill argues that a single move won't change the long-term picture unless it marks the beginning of a tightening cycle, and he warns a pullback is likely after Labor Day while saying he'd be a buyer if the economy doesn't deteriorate. It is a tidy reminder that Wall Street trades the path of policy, not just the level.