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The 10-Point: My Guide to the Day's Top News.

The Wall Street Journal
Good morning,
Staying the Course
Federal Reserve officials emerged from a week of head-spinning financial turbulence largely sticking to their plan to raise U.S. interest rates before the end of the year. Many policy makers at the Fed’s annual retreat in Jackson Hole, Wyo., signaled that stock-market volatility and China’s woes haven’t seriously dented their view that the U.S. job market is improving, and that domestic economic output is expanding at a steady, modest pace. Officials expect U.S. consumer-price inflation to start inching toward their 2% annual target, leaving them in position to begin raising rates after several months of foreshadowing such a move. A risk for the Fed is that it waits too long and inflates financial bubbles in the economy. Moving as planned, however, brings currency risk. Fed Vice Chairman Stanley Fischer, the most senior U.S. official at Jackson Hole in Janet Yellen’s absence, avoided sending a signal about whether the Fed will act at its September meeting.
Patience Is a Vice
Polling shows that Democratic front-runner Hillary Clinton’s candidacy has weakened, fueling calls for Vice President Joe Biden to join the presidential race. A Draft Biden super PAC is working to line up donors and grass roots organizers in key states, but Mr. Biden would find himself behind in the states that carry outsize influence in the nomination fight. The caucuses in Iowa reward candidates able to mobilize voters, and Mrs. Clinton has been building a network of volunteers there since April. In New Hampshire, the Clinton family has a long history with voters, but recent polls show Vermont Sen. Bernie Sanders is now beating Mrs. Clinton in the state. “Super Tuesday” will require spending on TV ads, an area in which Mr. Biden will have to play catch-up. “I love Joe Biden,” said one Democratic National Committee member. “But I’m concerned that it’s too late.”
Xi Stumbles
The politics of the Chinese Communist Party are an impenetrable puzzle to all but those deep inside Beijing’s inner circles. But the events of the last month have opened some cracks in the walls and they indicate that Xi Jinping is looking more vulnerable than at any time since taking office in 2012. The Chinese president’s image as a bolder, more capable leader than his recent predecessors is being undermined by his botched handling of the stock-market rout, a sudden devaluation of the yuan, an economic slowdown and a massive explosion at a toxic chemical warehouse. The financial woes are feeding accusations that Mr. Xi has concentrated too much power in his own hands. He put day-to-day decision-making—including on economic management, typically the premier’s purview—in the hands of party committees all headed by himself. Supporters say Mr. Xi has weakened his opponents with an anti-corruption drive, but his assertive approach to territorial disputes in Asia has antagonized the U.S. and many of its allies. With China’s stock market down overall for the third month in a row, Mr. Xi’s economic policy team is now rethinking its strategy.
Apple’s Auto Hobby
On its face, a car seems like a disastrous thing for Apple to build, writes Keywords columnist Christopher Mims. Entering the car business is like getting into a land war. The mounting evidence seems undeniable that Apple is forging ahead anyway. No one outside of the company knows what its internal logic is, but transportation is ripe for disruption. If Apple does go forward in the car industry, it is likely to be playing a long game, one that could easily span decades. In the case of self-driving cars, there’s plenty of evidence that Apple is at least thinking about building them. But in a self-driving, vehicle-on-demand future, why build what we think of as cars at all? Perhaps Apple’s car, in its ultimate form, won’t resemble a car at all.
TOP STORIES
U.S.

Meet the Private Watchdogs Who Police Financial Institutions

Judges to Weigh California’s Death Penalty
WORLD

Islamic State Blows Up Temple of Bel in Syria’s Palmyra

Financially Strapped Greece Struggles With Flood of Refugees
BUSINESS

Apple Escalates Fight Over Ad Blockers

Suppliers Feel Pain as Coal Miners Struggle
MARKETS

Markets Head Lower at End of Turbulent Month

BNY Mellon Races to Fix Pricing Glitches Before Markets Open Monday
TODAY'S VIDEO
A Wrestling First
That Was Painless
Female wrestler Gheeda “Joelle” Chamasaddine is shaking things up in the United Arab Emirates, where women are expected to follow strict dress codes in public.
NUMBER OF THE DAY
345%
The increase in Signature Bank’s shares over the past decade, crushing the more-than 25% decline in the KBW bank index over the same period. The New York bank has an unusual collection of high-profile fans.
QUOTE OF THE DAY
We will need the Emiratis for a long time here... Everything is destroyed. One or two years of them staying here will not be enough.
Yemeni Brig. Gen. Fadhel Hassan, on a secretive intervention by U.A.E. troops in Aden, Yemen.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the future of the car industry? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to Friday’s question about how the EU should handle its migrant crisis, Isaac Block of Boston wrote: “Europe has three choices in how to deal with its influx of refugees. First, it could continue without a coherent policy. Dozens of dead bodies in Austria and thousands in the Mediterranean attest to the consequences of this choice. Second, it could systematically turn away all refugees. This would require billions of euros in investment and a logistical effort unseen since, probably, WWII. Finally, Europe could accept and assimilate refugees. This choice could lead to a more vibrant culture and more labor for economies suffering from low birthrates. It is a very difficult choice, but the only reasonable way forward.” Charles E. Dean of Minnesota wrote: “The U.S. is largely responsible for the humanitarian crisis in Europe, given our ‘liberation’ of Iraq and Libya. That said, the U.S. should take a leading role in developing a new Marshall Plan in conjunction with the U.N. in order to provide a humane approach to this growing crisis. Building razor-wire fences, a Trumpian approach, is not helpful.” And Paul Kahle commented from California that “the better solution is for the ‘migrants’ to return to their native countries as soon as possible and that can only happen when the intolerable conditions in their home countries are resolved. The EU could help with that by intervening more effectively in Libya, Syria, Iraq, etc., to put a stop to extremism. While they wait, the ‘migrants’ should be treated as humanely as possible without creating an incentive to try to stay.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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