Slight drop: There was a 2.5-point drop in the national NFIB Small Business Optimism Index for August, highlighting how ongoing inflation is affecting local businesses. The 2.5-point decline erased all of July’s gain, and the Uncertainty Index rose to 92, its highest level since October 2020. Read the full report.
Downgraded: The Organization of the Petroleum Exporting Countries slightly cut its forecast for oil-demand growth after delaying its planned output hikes last week in a bid to support sinking prices. The Vienna-based cartel expects demand to grow by 2.03 million barrels a day this year and 1.74 million barrels a day in 2025, down from projections of 2.11 million and 1.78 million, respectively. Read more from The Wall Street Journal.
Regulatory overhaul: A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold. Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would’ve boosted capital requirements for the world’s largest banks by roughly 19%. Read more from CNBC.
