Biden turns to federal power

Despite the fact that much of the world is still waiting for a first shot, the U.S. is moving ahead with booster shots for its adult population beginning in little more than a month. The announcement came from U.S. President Joe Biden instead of health regulators, who have yet to approve boosters for anyone other than the immunocompromised. In an effort to beat back the delta variant (which is showing worrying characteristics as more data comes in) and get ahead of future mutations, the White House is leaping ahead of the scientists (though the administration said the move is contingent on their approval). Biden also began leveraging federal power in the Covid fight, tying nursing home funding to requirements that staff be vaccinated and using a civil rights division to deter those states blocking mask mandates. Here’s the latest on the pandemic. —Margaret Sutherlin

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide.

The Pentagon is standing by a deadline to get thousands of people out of Afghanistan by Aug. 31. The news comes as the Taliban attacked protesters in Eastern Afghanistan and established new checkpoints around Kabul airport, which is controlled by the U.S. military. U.S. lawmakers implored Biden to keep forces on the ground until the full effort to evacuate Afghans is complete. Meanwhile, Afghan President Ashraf Ghani is apparently in the United Arab Emirates—and negotiating terms for his return.

Besides the humanitarian effort, the U.S. and other nations are grappling with how to exert financial pressure on the Taliban to ensure Afghanistan doesn’t again become a terrorist haven. One hitch: the key method of applying sanctions is through the global financial system. The Taliban, and indeed Afghanistan, are mostly outside of it.

Many Fed officials agreed the central bank could start tapering off bond-buying this year since they’ve hit their inflation goal and are closer to where they want to be on unemployment. Here’s your markets wrap.

Inflation is feeling very real for people around the world when it comes to what’s for dinner. Food prices in July were up 31% from the same month last year according to one measure.

Yet another mountain town was destroyed last night by a California wildfire. The Caldor Fire exploded overnight, growing eightfold in just a few hours and turning 50 homes in Grizzly Flats to ashes.

In the span of a few months, the sticker price for entry-level bankers has shot up to $100,000. Off Wall Street, a six-figure starting salary is generally a fantasy. But on Wall Street, it’s just part of the bigger story of a growing war for talent.

The first big test of Biden’s clean-power ambitions may not be congressional approval of sweeping climate legislation, but managing a solar supply chain that’s been shaken by the seizure of imported Chinese panels. China has positioned itself as the global leader in solar hardware, with the world’s supply coming from the Xinjiang region. It’s the same area the U.S. has targeted with sanctions tied to human rights abuses at huge internment camps there.

Parents are taking to trading platforms to introduce their children to the markets. Some adults described feeling daunted by the topic when they were younger, having made financial decisions they regret. So now they’re looking to help their children avoid the same mistakes by teaching them how to invest as little as $5 at a time.

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