The Morning Dispatch: OPEC Threatens to Tighten the Tap

Happy Monday! Barring poor weather conditions, NASA is launching a rocket to the Moon this morning! It’s an unmanned rocket, but Artemis I will theoretically be the first of many missions to “build a long-term human presence at the Moon for decades to come.” 

Tune in here around 8:30 a.m. ET for liftoff.

Quick Hits: Today’s Top Stories

• The Justice Department on Friday released a heavily redacted version of the affidavit used to justify the search of Donald Trump’s Mar-a-Lago estate earlier this month. According to the document, the National Archives and Record Administration had recovered 184 documents with classification markings from Mar-a-Lago earlier in the year, including 67 marked “confidential,” 92 marked “secret,” and 25 marked “top secret.” But the affidavit alleged the government had probable cause to believe additional classified documents would be found on the premises, and that evidence of obstruction would be as well.

• The Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index, increased 6.3 percent year-over-year in July, the Bureau of Economic Analysis reported Friday—down from a 6.8 percent annual rate in June. Despite the additional data showing the pace of inflation may be slowing, Fed Chair Jerome Powell reiterated over the weekend that the central bank plans to continue aggressively hiking interest rates. “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said at an economic symposium in Jackson Hole, Wyoming. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”