International - Financial Times - Credit Squeeze

Plus, second-quarter earnings season wraps up, Germany’s Merz meets Canada’s Carney, US PCE index runs hot

Jay Powell’s Jackson Hole speech is a prelude to much bigger changes coming at the central bank

Market Questions is the FT’s guide to the week ahead

History suggests the political approach ends in unsustainable debt and lower GDP

Piecemeal approach leaves seafood and produce sectors fighting to win individual carve-outs

Central bankers say low birth rates in world’s largest economies pose threat to productivity and prices

Scrapping public days off is not a fiscal fix

US stocks and bonds rally as central bank chair says economic risks are ‘shifting’

Congressional Budget Office estimate offsets concerns about fiscal effects of Donald Trump’s tax bill

Prime Minister Mark Carney announces removal of 25% levy on many goods from neighbour

After several decades in which economic technocrats enjoyed a large degree of autonomy, they are under intense pressure from the Trump administration

The US president cannot prevent the pain of his protectionist agenda indefinitely — and midterm elections are looming

Europe’s largest economy contracted 0.3% as exports and investment dropped

Decision comes as Trump administration ends ‘de minimis’ tax exemption on August 29

Also in today’s newsletter, Santander’s Wall Street ambitions and OnlyFans’ revenues surge as it explores sale

Definitely not what Jay would say

John Hume, who bred the world’s largest private herd of rhinoceroses, charged with selling millions of dollars of horns

Developed markets have a debt problem — some investors are looking elsewhere

Short positions rise as sector hit by trade war and Chinese competition

CEO Doug McMillon says group is watching its ‘costs increase each week’