The US economy suddenly went into reverse in July, shedding 23,000 jobs when economists had forecast a gain of 83,000 — and the Federal Reserve's September rate hike is now a coin flip.

Trade Routes

• Fed Hawk vs. Labor Market: St. Louis Fed President Alberto Musalem reiterated that "inflation is too high" and backs incremental rate hikes, even as the jobs data screams caution
• Strait of Hormuz: An Iran-Oman deal banning US and Israeli ships from the...