US and Ukrainian officials have revealed to The Wall Street Journal that a F-16 fighter jet has crashed during combat in Ukraine’s skies – a significant first – which comes just weeks after an initial batch of some one dozen of the American-made aircraft were transferred to Kiev’s armed forces. 

“The pilot, Oleksiy Mes, died while helping to repel a massive Russian missile attack on Monday, the officials said,” WSJ writes. “Initial reports indicate the jet wasn’t shot down by enemy fire, U.S. officials said.”

That missile and drone attack had been one of the largest since the war’s start in Feb. 2022, targeting 15 out of Ukraine’s 24 oblasts, and taking out vital energy structure nationwide.

The Pentagon was initially questioned about the crash, but when referred to Kiev officials, the Ukrainian Air Force belatedly acknowledged the crash and death of the pilot on Thursday.

Given Ukraine has lost one of the $30+ million jets so quickly after getting the first highly anticipated transfer, this could prove highly embarrassing given how publicly the program was touted as a “game-changer” by Zelensky government officials.

Other more realist outside observers have noted that it is too late for such aerial systems to significantly change Russia’s clear military, manpower, and aerial superiority.

According to more details of the circumstances of the aircraft downing: “A person close to the Ukrainian military said the cause of the crash was unknown and an investigation was under way,” WSJ continues. “The person described Mes as a hero who successfully shot down multiple Russian missiles on Monday before the crash.”

The report further indicates the pilot was key in helping spearhead Kiev’s public relations and lobbying efforts to get the F-16s for Ukraine program off the ground: 

Mes, call sign “Moonfish,” was one of Kyiv’s first pilots to be trained on the F-16. He was one of the better known Ukrainian pilots, appearing frequently in the media and visiting Washington to lobby the U.S. to send Ukraine the jet fighters. Mes met personally with lawmakers on Capitol Hill, including in 2022 with then-Rep. Adam Kinzinger (R., Ill.).

Mes often appeared with another prominent Ukrainian pilot, Andriy Pilshchykov, call sign “Juice,” who died in a training accident on Aug. 25, 2023. Two other pilots were killed in that incident, a midair collision.  

The WSJ further calls the crash and death “a major blow for Kyiv” following President Biden’s somewhat reluctant greenlight given for European allies to begin transferring the F-16s last year. A training program has been underway in Europe and on US soil for well over a year, including Ukrainian pilots receiving instruction in bases at San Antonio and in Arizona.

According to U.S. Defense Officials; during Monday’s Large-Scale Russian Missile Attack against Ukraine, a F-16 with the Ukrainian Air Force crashed in the West of the Country, resulting in the Death of its Pilot, known by his Callsign “Moonfish” but by others as Oleksiy Mes.… pic.twitter.com/vUcvWslIQx

— OSINTdefender (@sentdefender) August 29, 2024

Highlighting mixed consumer trends, discount retailer Five Below reported a smaller-than-expected decline in second-quarter comparable sales, beating analysts’ projections tracked by Bloomberg. Although the company lowered its full-year comparable sales forecast, it still exceeded analysts’ expectations.

Here’s a snapshot of second-quarter results (courtesy of Bloomberg):

• Net sales $830.1 million, +9.4% y/y, estimate $822 million

• Comparable sales -5.7%, estimate -6.4%

• EPS 60c vs. 84c y/y, estimate 54c

• Total location count 1,667, +3.9% q/q, estimate 1,660

• Stores opening 62, +55% y/y, estimate 60

Third quarter forecast: 

• Sees net sales $780 million to $800 million, estimate $790.2 million

• Sees a mid-single-digit decrease in comparable sales

• Sees adjusted EPS 10c to 22c, estimate 15c

• Sees net loss $2 million to $13 million

Full-year forecast:

• Sees net sales $3.73 billion to $3.80 billion, saw $3.79 billion to $3.87 billion, estimate $3.78 billion (Bloomberg Consensus)

• Sees comparable sales about -5.5% to -4%, saw -5% to -3%, estimate -5.9%

• Sees adjusted EPS $4.35 to $4.71, saw $5.00 to $5.40, estimate $4.75

• Sees net income $220 million to $244 million

• Sees gross capital expenditures about $335 million to $345 million

Commenting on Five Below’s mixed earnings is Goldman’s Kate McShane.

McShane noted that “declines in comp ticket during 2Q with lower units per transaction” only “suggests that FIVE’s core customer remains pressured and is continuing to reduce discretionary spending, and that FIVE’s assortment is not currently providing an attractive value to their customers.” 

“While we were encouraged to hear that traffic trends have improved quarter to date, conversion likely remains pressured as guidance implies that comp trends for 2H24 will be similar to 2Q’s -5.7%,” McShane said. 

She continued, “We also note that FIVE continues to see diverging trends between income cohorts, with softer trends from lower-income households but stronger trends from higher-income households, suggesting at least some element of trade down is taking place. Although the implied trade-down trends are encouraging, we believe pressure on FIVE’s lower-income customers will continue to weigh on conversion in the near term.” 

One day after Brazillian Supreme Court Judge Alexandre de Moraes threatened to suspend social media platform X unless Elon Musk appoints a new legal representative in 24 hours, the judge – dubbed “Brazil’s Darth Vader” by Musk – issued a subpoena against the company.

Today, he blocked the financial accounts of Musk-owned Starlink Holdings, due to the absence of an attorney.

Exactly https://t.co/a09umuAXEO

— Elon Musk (@elonmusk) August 29, 2024

According to Moraes, the companies are a “de facto economic group” commanded by Musk.

This guy @Alexandre is an outright criminal of the worst kind, masquerading as a judge https://t.co/l5zZ7gplSI

— Elon Musk (@elonmusk) August 29, 2024

On August 18, Moraes sanctioned X’s bank accounts in order to guarantee the payment of fines imposed by the Brazilian justice for refusing to censor content, Metropoles reports.

According to information published by the G1 and confirmed by the Metropolis, advisors to the office of Minister Alexandre de Moraes said that another company under Musk in the country, Starlink Holding, responsible for the sale of satellite internet services, also had the finances blocked.

All Starlink managers in Brazil received notifications and were subpoenaed to answer for the values due to the Brazilian Justice by the network X. -Metropoles (translated)

In response, Musk called Moraes a dictator, and said “this picture of you in prison will be real. Mark my words.”

The tyrant, @Alexandre, is dictator of Brazil. Lula is his lapdog. https://t.co/svONz3iv5S

— Elon Musk (@elonmusk) August 29, 2024

One day, @Alexandre, this picture of you in prison will be real. Mark my words. pic.twitter.com/ZkHExAwQxm

— Elon Musk (@elonmusk) August 29, 2024

Earlier this month, Moraes ordered an investigation into Musk after the billionaire vowed to defy a court order as part of an ongoing probe into social media accounts allegedly spreading misinformation and ‘hate’ speech.

“The flagrant conduct of obstruction of Brazilian justice, incitement of crime, the public threat of disobedience of court orders and future lack of cooperation from the platform are facts that disrespect the sovereignty of Brazil,” wrote de Moraes.

While X initially said in a they would comply, blocking certain popular accounts in Brazil – Musk said an hour later, after the release of the “TWITTER FILES BRAZIL,” that they would not, noting that “As a result, we will probably lose all revenue in Brazil and have to shut down our office there.”

BRAZIL IS ON THE BRINK

I’m reporting to you from Brazil, where a dramatic series of events are underway.

At 5:52 pm Eastern Time, today, April 6, 2024, X corporation, formerly known as Twitter, announced that a Brazilian court had forced it to “block certain popular accounts in… pic.twitter.com/GjdAgmkCBo

— Michael Shellenberger (@shellenberger) April 7, 2024

in a post the next day, Musk said that Supreme Court Justice Alexandre de Moraes had “brazenly and repeatedly betrayed the constitution and people of Brazil,” and should “resign or be impeached.”

De Moraes said that as part of his decision to open an inquiry, that “X shall refrain from disobeying any court order already issued, including performing any profile reactivation that has been blocked by this Supreme Court,” Reuters reports.

The justice said that Musk would face a fine that equates to approximately $20,000 each time an account is reactivated on X.

😂

— Elon Musk (@elonmusk) August 29, 2024

Authored by Steve Watson via Modernity.news,

Joe Biden has been on holiday for a week in Santa Barbara, California. Now he has returned to Delaware… for another NINE DAY holiday, prompting Americans to ask again “who is running the country?”

The guy is just gone.

Crooked Joe Biden is currently lounging on the beach in Delaware as he enjoys his second straight week of vacation.

Who is running our country? pic.twitter.com/Zae7A7JW45

— RNC Research (@RNCResearch) August 28, 2024

Biden arrived via Marine One Wednesday to Vandenberg Space Force Base where he boarded Air Force One straight to his Rehoboth Beach house in Delaware, where he will stay for the next nine days.

Now for another NINE-day vacation in Delaware.
Taxpayers are spending millions of dollars on planes and helicopters and motorcades and Secret Service to ferry POTUS Biden and his family all over the country on this endless vacation.
Do none of them have a job? https://t.co/vwJzc6k6f8

— Miranda Devine (@mirandadevine) August 26, 2024

As per the Department of Defense, Air Force One costs $177,843 per hour to run, while Marine One costs approximately $20,000 per hour.

That means that this holiday alone cost at least half a million dollars.

Given that Biden spends almost half his presidency on holiday, it means the costs run into the tens of millions if not hundreds of millions.

Is there a tax refund available, given how utterly useless this worthless President is? pic.twitter.com/mSgUjZoXmV

— Biff Gruffly (@BitingNews) August 26, 2024

Can you imagine if this was Trump?

Looks like they told old Joe not to bother
coming into work anymore …..

Who’s running the Country ?

— Cyndexia America Truther 💯🥂 (@TrutherAmerica) August 28, 2024

He’s just doing what he’s told to do.

The Deep State has been running the country since they installed Biden. It doesn’t make one iota of difference whether pudding brain is in DC or on vacation. He’s never been anything but a pathetic, toxic figurehead.

— James Robertson (@jatony57) August 26, 2024

Biden still gets more Secret Service protection than Trump or RFK Jr despite lounging on a Beach all day long.

Who is running our country?
The answer is simple: “Soros, Obama, Pelosi, Hillary, Schumer, Jeffries.”

— 🇺🇸Ultra MAGA🇮🇱✝️✡️ (@IvanH0220) August 28, 2024

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tech giants recognize a massive opportunity with artificial intelligence, leading them to integrate AI features into their devices. This move towards AI-enhanced hardware could spark a larger-than-normal smartphone upgrade cycle this fall, especially following Apple’s upcoming event in just weeks, where they are expected to unveil the latest version of the iPhone with AI. 

Apple has prepared for increased iPhone orders. A report from Nikkei specifies the world’s most valuable company ordered components and parts for between 88 million and 90 million iPhones, compared to initial orders of around 80 million.

One supplier was quoted as saying iPhone orders could exceed 90 million. However, the supplier noted Apple usually orders more units and adjusts production as iPhones go on sale. 

“We are quite cautious over Apple’s robust orders, as we know the Chinese market is definitely going to provide tough competition due to geopolitics,” an executive at one of Apple’s suppliers said. 

Goldman’s Lauren Rowe pointed out to clients, “Overnight an initial knee jerk lower in Tech with Semis and AI stocks initially lagging but subsequently reversed with HK leading in the region with some focus on Apple supply chain on the news of orders for iPhones up 10% versus previous year.” 

Apple’s big event is expected to kick off on September 9. Anticipated product unveilings include the new iPhone 16, Apple Watch Series 10, Apple Watch Ultra 3, and Apple AirPods 4. It’s likely Apple executives will provide more color on the AI platform Apple Intelligence

According to Wedbush analyst Dan Ives, the AI-enabled iPhone 16 will unleash Apple’s biggest upgrade cycle in history. 

“AI is on the doorstep,” Ives said, adding, “Our recent Asia checks are giving us more confidence this upgrade cycle will unleash a long-awaited renaissance of growth for Cupertino over the next year.”

Ives said the next phase of the consumer AI revolution will involve developers and other tech firms integrating their AI models/tech into Apple Intelligence. 

“We expect developers over the next 6 to 12 months will build hundreds of generative AI-driven apps that will be key ingredients in the recipe for success for Apple as its technology stack creates the core building blocks of the consumer AI tidal wave we see coming starting with iPhone 16,” he added.

Goldman’s Kash Rangan noted days ago how Apple AI will help “drive an uplift in iPhone demand”: 

“At WWDC in June 2024, Apple announced Apple Intelligence, a personal intelligence system which includes features including 1) improved Siri capabilities (deeper language understanding, text communication with Siri, tailored responses driven by user activity and information, etc), 2) language features including writing tools that rewrite and summarize text across apps including Mail, Notes, and Pages, and 3) image features including Image Playground (image generation), new Genmojis, improved photo editing features, and more advanced search capabilities within a user’s photo library. Apple Intelligence will only be available for the iPhone 15 Pro, iPhone 15 Pro Max, as well as future later models. Apple Intelligence should be released in the fall of 2024 and we believe these features should 1) should drive product upgrades as customers refresh older iPhones to access AI capabilities; 2) continue to drive a mix shift towards premium models, which should drive continued uplift in ASP; and 3) could present an opportunity for an iPhone price increase. Accordingly, we forecast F2024/25/26 iPhone sell-in units of 232/241/257mn (+2/+4/+7% you).”

Apple’s stock has risen by nearly 18% this year, reaching $226 per share, which gives the company a market capitalization of approximately $3.4 trillion.

The bigger question is whether consumers are willing to fork over $1,000 or more for new smartphones in a period of elevated inflation and sky-high interest rates, thanks to the Biden-Harris team. 

The daily oil rollercoaster continues, and one week after tumbling to the lowest price of the year, oil is once again spiking, as news of more Libyan oil turmoil emerge. 

Brent rose as much as 3% and briefly topped $80, after Libya suspended oil exports from five eastern ports, and the country’s output dipped further amid an escalating stalemate over who controls the central bank.

The eastern-based government ordered the halt of oil-loading operations at the ports of Brega, Es Sider, Ras Lanuf, Zueitina and Hariga, Bloomberg reported citing people familiar with the matter.

The terminals have a combined capacity of around 800,000 barrels a day, which means almost all of Libyan output remains landlocked. Libya, an OPEC member, is divided between eastern and western rival governments following a power struggle that has persisted for about a decade.

Libya, which pumps about 1.2 million bpd of oil, was plunged into a deeper political crisis earlier this month over a row about the leadership of the Central Bank of Libya, the only internationally recognized depository of the country’s oil revenues.

The Benghazi-based government in eastern Libya, which is a rival to the Tripoli-based government in the politically divided North African OPEC producer, said on Monday it would shut down all crude oil output and exports. The east-based government backed by military leader Khalifa Haftar is not internationally recognized, but Haftar and his people control most of the country’s oilfields.

Over the past weeks, the situation in Libya has deteriorated with the east-west rivalry flaring up again and centered on the leadership of the Central Bank of Libya—the guardian of Libya’s wealth and income from oil exports.

The internationally recognized government in the capital city in the west, Tripoli, is trying to replace Sadiq Al-Kabir, the governor of the Central Bank of Libya. This has led to the latest controversy between the eastern and western governments and political factions, threatening again to reduce Libya’s oil production and exports.

Additional support for prices today came from continued expectations of an interest rate cut in the United States next month. The positive movement is unstable, however, and we may see a reversal later in the day under the weight of bearish factors.

On the bearish side, Biden’s EIA (which according to some is even more politicized than the BLS) reported only a modest draw in oil inventories yesterday, at less than 1 million barrels. Even though this was the second weekly draw in a row, it appeared to not have impressed the market much. Demand for oil remained a concern.

“Libyan output has dropped this week by close to 500k b/d, and this is not taking into account the shutting down of the Sharara oilfield earlier this month,” ING commodity analysts Warren Patterson and Ewa Manthey said in a note. “A prolonged shutdown from Libya will give OPEC+ a bit more comfort in increasing supply in 4Q24 as currently planned.”

The analysts noted that the Libyan outage will make OPEC+’s decision on whether to bring back some production more difficult and said they expected the cartel to resist that temptation and avoid a price rout.

Just two hours after (ultra) discount retailer Dollar General reported catastrophic earnings, moments ago the Biden Bureau of Economic analysis decided to pull a BLS, and reported in its first revision of Q2 GDP that the US actually grew much stronger than expected on the back of – drumroll – an unexpected surge in personal consumption.

According to the BEA, Q2 GDP was revised to 3.0% from the 2.8% advance estimate, and beat estimates of a 2.8% print.

The number was more than double the 1.4%  growth reported in Q1, and was driven almost entirely by a bizarro surge in personal consumption, which jumped 2.9%, up from 2.3% in the first estimate, and smashed consensus estimates of a 2.2% print.

That’s right: just moments after Dollar General nuked its outlook, blaming a “financially constrained core consumer”, which in this day and age is pretty much any one in what was once the US middle class, the BEA reported that Personal Consumption was a six-sigma beat to expectations!

Looking at the breakdown of GDP components, the BEA reports that the increase in the second quarter primarily reflected increases in consumer spending, private inventory investment, and business investment. Imports, which are a subtraction in the calculation of GDP, increased.

• The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors to the increase were health care, housing and utilities, and recreation services. Within goods, the leading contributors to the increase were gasoline and other energy goods, furnishings and durable household equipment, and recreational goods and vehicles.
• The increase in inventory investment was led by increases in retail trade and wholesale trade industries that were partly offset by a decrease in mining, utilities, and construction industries.
• The increase in business investment reflected increases in equipment and intellectual property products that were partly offset by a decrease in structures.

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in housing investment.

Taking a closer look at the various segments we find that aside from personal spending, every other GDP component was revised lower.

• Personal consumption contributed 1.95% to the bottom line GDP, up from 1.57% in the first estimate.
• Fixed Investment was revised modestly lower, to 0.64% in the second revision from 0.53% a month ago.
• The Change in private inventories was also revised modestly lower, from 0.82% to 0.78%.
• Net trade also ended up detracting more from the bottom line print, with exports less imports reducing GDP by -0.77%, a modest deterioration from -0.71% originally reported.
• Finally, the contribution from government was also revised lower, to 0.46% from 0.53%

And visually

While it is far less relevant now, the BEA also reported that in Q2, prices actually rose more than expected, up 2.5%, vs estimates of 2.3%, and down from 3.4% in Q1. Core PCE dipped slightly from the 2.9% reported initially, to 2.8%, and also down from 3.7% in Q1.

In light of the unexpectedly strong spending data, and following up on the continued decline in initial claims reported earlier, one can kiss a 50bps September rate cut goodbye. Commenting on the numbers, UBS trader Simon Penn writes that while the market is pricing 100bp of cuts in the remaining three FOMC meetings of 2024, the economy probably only needs 50bp to recalibrate policy to the appropriate stance, and that “the Fed is likely to deliver 75bp to avoid causing a market upset and to ensure it stays ahead of the growth curve.”

Penn also says that while the upward revision to Q2 GDP might be somewhat rearview but back in June, the FOMC said the economy was sufficiently robust to switch the dot plot from 75bp of cuts to 25bp. Chair Powell noted at the time it was an incredibly fine decision and could have easily been 50bp of cuts. Since then the economy has slowed, but no more than the Fed had been expecting – and as pointed out by UBS chief US economist Jonathan Pingle, employment growth is likely just on the top side of the Fed’s forecasts.

Bottom line from UBS is that “yes, the US economy has slowed, but not to the extent the Fed should be very worried. It seems likely the Fed will cut too much this year (members like Bostic are talking about this concern) but that will mean less cuts next year. Yields should be higher and the curve should be bear steepening.”

By Tsvetana Paraskova of OilPrice.com

The Iran-aligned Houthis have agreed to allow salvage crews including rescue ships and tugboats to access an oil tanker that the Houthis hit with a missile in the Red Sea earlier this month.

“Several countries have reached out to ask Ansarullah (the Houthis), requesting a temporary truce for the entry of tugboats and rescue ships into the incident area,” Iran’s mission to the United Nations in New York said, as carried by Reuters.

The Houthi movement has agreed to this request, “in consideration of humanitarian and environmental concerns,” the Iranian mission to the UN added.

Reports last week said a tanker on fire was drifting in the Red Sea. It later emerged that the vessel had come under attack by armed groups traveling on small vessels some 90 miles from the Yemeni port city of Hodeida. The tanker was also reportedly struck by missiles or drones.

“The vessel reports being not under command,” the UK Maritime Trade Operations office said at the time, likely meaning it lost all power. “No casualties reported.”

The Greek-flagged oil tanker, the Sounion, had 25 crew members and was traveling from Iraq to Cyprus. The crew was rescued by a European warship and transported to Djibouti.

Earlier this week, U.S. Pentagon officials said that the Greek tanker that the Yemeni Houthis struck in the Red Sea a week ago is now leaking oil.

“The MV Sounion now sits immobilized in the Red Sea, where it is currently on fire and appears to be leaking oil, presenting both a navigational hazard and a potential environmental catastrophe,” Pentagon Press Secretary Major General Pat Ryder said, as quoted by the Maritime Executive.

The oil tanker holds close to a million barrels of crude oil and if it spills as a result of the strikes, it could become one of the largest oil spills from a vessel in recent history.

Initial jobless claims continue to drift along in the same range it has been in for three years, with unadjusted claims literally near record lows, just in time for the Fed to cut rates following the recent near-record revision to payrolls. Almost as if one hand of the Dept of Labor (initial claims reports) is unaware of what the other hand (Payrolls and especially revisions) is doing.

Broken down by region, the bulk of initial claims (unadjusted) was in the West, followed by the South and Northeast.

The decline in SA and NSA claims appears driven by the normalization of Texas claim post-Beryl…

The weekly change in claims, broken down by state, shows no notable outliers this week.

But we note that continuing jobless claims remains at its highest since Nov 2021…

With all the attention piled on to initial claims to support bullish-narrative-supporting thesis, how the hell can The Fed then turn around and cut rates to ‘save the labor market’ before it’s too late?

Shares of Dollar General Corp. crashed 23.5% to hit levels not seen since 2018 in premarket trading in New York following a disappointing second-quarter earnings report. The nation’s largest discount retailer missed Wall Street’s profit and sales expectations and slashed its full-year forecast. The retailer warned that its core customers “feel financially constrained.” 

The discount retailer, which has nearly 19,000 locations in 48 states and 8,000 cities, reported adjusted earnings per share of $1.70 for the second quarter, missing the average estimate of analysts tracked by Bloomberg of $1.79. Revenue came in at $10.21 billion, below estimates of $10.37 billion, but still up 4.2% year-over-year. Same-store sales rose .5%, missing the 2.07% estimate. 

Here’s a snapshot of second-quarter earnings (courtesy of Bloomberg): 

• EPS $1.70 vs. $2.13 y/y, estimate $1.79

• Net sales $10.21 billion, +4.2% y/y, estimate $10.37 billion

• Comparable sales +0.5% vs. -0.1% y/y, estimate +2.07%

• Gross margin 30% vs. 31.1% y/y, estimate 30.3%

• SG&A as percentage of revenue 24.6% vs. 24% y/y, estimate 24.4%

• Operating profit $550.0 million, -21% y/y, estimate $587.5 million

DG lowered its full-year outlook for sales and profit. The company slashed its guidance ranges for EPS to $5.50 to $6.20 from $6.80 to $7.55 and for same-store sales growth to 1% to 1.6% from 2% to 2.7%. Bloomberg consensus was around 2.47%.

More color on the full-year outlook (courtesy of Bloomberg): 

• Sees comparable sales +1% to +1.6%, saw +2% to +2.7%, estimate +2.47% (Bloomberg Consensus)

• Sees EPS $5.50 to $6.20, saw about $6.80 to $7.55, estimate $7.11

• Sees net sales +4.7% to +5.3%, saw +6% to +6.7%

• Sees effective tax rate 23%, saw 22.5% to 23.5%

• Still sees capital expenditure $1.3 billion to $1.4 billion, estimate $1.39 billion

CEO Todd Vasos acknowledged consumers are being pressured in today’s environment of elevated inflation and high interest rates: 

“While we believe the softer sales trends are partially attributable to a core customer who feels financially constrained, we know the importance of controlling what we can control. With the evolving retail and consumer landscape in mind, we are taking decisive action to further enhance our value and convenience offering, as well as the in-store experience for our associates and customers.”

Shares crashed 23.5% in premarket trading to the midpoint of the $94 handle, the lowest level since early 2018. 

For analysts at consumer desks, DG’s nearly 19,000 stores across the US offer valuable insight into the financial health of low- to mid-tier consumers. 

DG’s dismal report reminds us that the consumer downturn theme is still in play and should worsen in the months ahead. Hence, the Fed’s interest rate-cutting cycle may begin as early as Sept. 18. The Fed rarely cuts into good times. The Biden-Harris team’s disastrous Bidenomics policies have financially crushed an entire generation of consumers.