Yellen: "Trump's Attack on the Fed Is Illegal" [3-Minute Brief]

① Yellen’s FT Op-Ed: “Trump’s Attack on the Fed Is Illegal... Threatens US Credibility”
② Rutnik Points to Korea and Japan: “Funds Will Support US Infrastructure Construction”
③ Global Automakers’ Q2 Operating Margins Fall 2.3 Percentage Points Amid US Tariffs

MARKET INDEX : Year to date

○ New York Stock Exchange S&P 500 surpasses 6,500 for the first time ever
○ Mixed reviews on Nvidia's earnings
○ Investor sentiment rises on expectations of continued AI rally

Top 3 NEWS

■ Yellen's warning... "Reckless and corrupt Trump seeks to turn the Fed into a puppet for dictatorship"

○ Criticism of 'shaking the Fed' in UK FT op-ed
○ Undermining Fed independence could lead to high inflation, low growth, and a weaker dollar
○ "Catastrophic consequences... Will threaten the US economy and leadership"

■ Rutnik: "Building infrastructure with Korean and Japanese funds"... US plays 'tariff game' with allies

○ "Trading partners understand that 'a strong America equals global success'"
○ US locks in investment with Japan through documentation
○ Korea also seen as inevitable... Additional pressure likely to intensify

■ Global automakers' operating margins fall by 2.3 percentage points due to US tariffs

○ Japanese companies suffer the most, while Europe is least affected
○ Tariff costs expected to rise in Q3 due to negotiation delays
○ "Gradual car price increases likely to follow"

Graphic News: Which financial holding companies excelled at business diversification... KB and Shinhan 'Outstanding', Hana and Woori 'Need Improvement'

○ KB and Shinhan rated 'outstanding' in financial holding company business diversification
○ Hana, Woori, BNK, iM, and others rated insufficient
○ "Business diversification is essential to reduce excessive reliance on banking"

the Chart: 'Boom' despite a sideways market... Obesity treatment stocks soar on global opportunities

○ Inventage Lab, Gobio Lab, and others hit upper price limits
○ Positive factors include partnerships with big pharma and international patents
○ High price volatility and overhang risks require caution

Today's Key Schedule

○ Domestic

○ International

05:00 Speech by US Federal Reserve Governor Waller

08:30 Japan Tokyo Core Consumer Price Index (YoY) (August)

08:50 Japan Industrial Production (MoM) (July)

15:00 Germany Retail Sales (MoM) (July)

21:30 US Core Personal Consumption Expenditure Price Index (MoM) (July)

23:00 US Michigan 5-Year Inflation Expectations (August)

◇ Lunchtime & Commute Weather

○ Lowest temperature: 25°C (▲2°C) ｜Highest temperature: 31°C (▼1°C)
○ Precipitation probability: 60% in the morning | 60% in the afternoon
○ Fine dust: Good in the morning | Good in the afternoon

All you need in 3 minutes: essential, cost-effective economic news. Published daily at 8 a.m.