This article examines how revised economic benchmarks reshape the interpretation of “Liberation Day” data, showing that post-benchmark figures, notably for August, appear even weaker than before.

As with last week, I had a couple of fantastic back-to-back days. Each of them started off looking bad, then as the day wore on, it just got better and better. I can only hope that it doesn’t all get undone with some mega-rally on Friday.

Microsoft AI CEO Mustafa Suleyman forecasted that within the next two years desk-bound tasks will be swallowed by AI. Meanwhile, Anthropic is warning that their latest Claude models could be used for "heinous crimes."