1/ Federal Reserve officials warned of “significant” inflation risks, which could require them to raise rates again this year. At their July policy meeting, “most” Fed officials said inflation remained “unacceptably” high. A “couple” officials, however, thought the risks of raising rates too much versus too little “had become more two-sided, and it was important that the committee’s decisions balance the risk of an inadvertent overtightening of policy against the cost of an insufficient tightening.” The July meeting resulted in a quarter percentage point rate hike to a range between 5.25% and 5.5% – a 22-year high – and marked the 11th hike over the past 17 months, when they raised rates from near zero. Inflation, meanwhile, eased to 3.2% in July, down from a high of more than 9% in mid-2022. (Bloomberg / New York Times / CNBC / Wall Street Journal)

2/ The average 30-year fixed mortgage rate rose to 7.16% – the highest level since 2001. Mortgage rates have more than doubled since the Federal Reserve began raising interest rates. Mortgage applications, meanwhile, were 29% lower than the same week one year ago, slipping to the second-lowest level since 1995. (Bloomberg / Reuters / CNBC / Wall Street Journal)

3/ A paid campaign fundraiser for George Santos was indicted in New York on federal charges for allegedly impersonating Kevin McCarthy’s former chief of staff. Samuel Miele was charged with four counts of wire fraud and one count of aggravated identity theft for sending “fraudulent fund-raising” emails to more than a dozen potential contributors. In those messages, Miele claimed to be a “high-ranking aide to a member of the House with leadership responsibilities.” Miele earned a commission of 15% for each contribution he raised, prosecutors said. Three months ago, Santos was arrested on charges of wire fraud, money laundering, theft of public funds, and making false statements to Congress. (New York Times / CNBC / Associated Press)

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