Good morning. Fed Chair Jerome Powell's speech in Jackson Hole, Wyoming—the one investors have been sweating over all week—will take place this morning. You might be wondering…how did the country's biggest central bank conference end up in Wyoming? The answer: fly-fishing. It's always fly-fishing. In 1982, when the Kansas City Fed was looking for a prominent speaker for its annual conference, organizers wanted to go big and have Fed Chair Paul Volcker come speak. They knew that Volcker was an avid fly fisherman, so they chose the fly-fishing mecca of Jackson Hole to convince him to attend. It worked, and the Fed has held its annual symposium there ever since. —Neal Freyman, Max Knoblauch, Matty Merritt | | | |  | Nasdaq | 12,639.27 | | | | | S&P | 4,199.12 | | | | | Dow | 33,291.78 | | |  | 10-Year | 3.029% | | | | | Bitcoin | $21,631.83 | | | | | Nvidia | $179.13 | | | | *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. | - Markets: Yesterday on Wall Street was kind of like when all the No. 1 seeds make the Final Four, as tech heavyweights Amazon, Apple, Alphabet, and Nvidia lifted the market higher. ICYMI: Powell. Speech. Wyoming. Today. BFD.
| | | | Cleveland State University. Getty Images. A college student who had his room scanned before taking a remote test won a major legal victory this week, sparking celebrations among privacy advocates who've been pushing back on the monitoring tactics colleges have used to crack down on cheating at home during the pandemic. On Monday, a federal judge ruled in favor of Aaron Ogletree, a chemistry student at Ohio's Cleveland State University, who successfully argued that the school's scanning of his room was unconstitutional. The judge's reasoning: "Mr. Ogletree's privacy interest in his home outweighs Cleveland State's interests in scanning his room." Here's what happened Last spring semester, Ogletree was asked by a virtual proctor to take a webcam video of his space before a General Chemistry II exam. Ogletree consented, and the scan lasted anywhere from 10 seconds to 1 minute. Ogletree later sued Cleveland State over the incident, claiming that it violated his Fourth Amendment rights. - For those who skipped the history class that explained what's in the Fourth Amendment, part of it protects US citizens against "unreasonable searches and seizures."
- The judge ruled that Ogletree's "expectation of privacy…lies at the core of the Fourth Amendment's protections against governmental intrusion."
In its defense, Cleveland State said its method did not amount to a "search," as it was brief, voluntary, and only revealed objects in plain view. Plus, it was designed to maintain the integrity of the test. The big picture As remote learning skyrocketed during the pandemic, so did the use of remote monitoring software to ensure students weren't Asking Jeeves for help on tests. Privacy advocates repeatedly warned against the increased use of surveillance software, arguing that it's intrusive, can be racially biased, and presents cybersecurity risks. While privacy groups are relieved by the ruling, university deans are sweating in their cardigans. Public colleges, in particular, might take more caution before peeking into a student's home because they're subject to the Fourth Amendment—and experts say this ruling was likely the first instance that the Fourth Amendment has been used to protect students against this type of video scan.—NF | | TOGETHER WITH DAME PRODUCTS | | Dame Products is on a mission to nourish sexual wellness, deepen connections, and help people discover their pleasure. And Dame is coming for you, with thoughtfully engineered toys designed for those who know where they want to go…but could use a little help getting there. The Power Trip includes an innovative combo that packs quite the orgasmic punch: Arc, a G-spot vibrator, and Pom, a soft, flexible vibe. Use both with the included aloe-based lube, complete with a no-slip sleeve Grip that guarantees silky-smooth sailing. When it comes to pleasure, it's time to go all in. Use code BREW15 for an additional 15% off your order through August 31.* | | Dianna "Mick" McDougall  Peloton is still going in the wrong direction. Even beginners know that in order to put the car into drive, you have to take it out of reverse. Peloton has yet to do that, posting a loss of more than $1.2 billion in the previous quarter as revenue dropped nearly 30% from last year. Still, CEO Barry McCarthy said he sees "significant progress driving our comeback" in new initiatives such as outsourcing manufacturing and selling its products through Amazon. Investors don't see it the same way, and sent the stock 18% lower.
 The White House blasts Republicans over student loans. The White House's official Twitter account, which isn't exactly known for its spicy tweets, unleashed a viral thread accusing Republicans who denounced President Biden's student debt forgiveness for being hypocritical. The White House said that Rep. Marjorie Taylor Greene had $183,504 in PPP loans forgiven, Rep. Vern Buchanan had more than $2.3 million in PPP loans forgiven…and the list goes on. Each of those lawmakers had called Biden's program unfair.
 Novak Djokovic will miss the US Open. The 21-time Grand Slam champion said he won't play in the upcoming tournament due to CDC rules requiring noncitizens traveling to the US to be vaccinated against Covid-19. The pandemic has been an adventure for the Djoker. You might remember the geopolitical fracas that surrounded his failed attempt to play in the Australian Open in January due to that country's Covid entry rules. Since then, he competed in the French Open, losing in the quarterfinals, and won Wimbledon.
| | Francis Scialabba The University of Texas could become the richest school in the US, topping Harvard's $53.2 billion endowment to occupy the No. 1 spot, Bloomberg reports. Why? Because at a time when most schools' investment portfolios are falling faster than Comm 101 lecture attendance, the University of Texas System has something they don't: 2.1 million acres of oil-rich land. How the UT System makes so much money: The group leases out the country's largest oil field to some 250 drillers, including giants like ConocoPhillips, which pump out 300,000 barrels of crude oil per day and pay the university System royalties. And it's a great time to be in the oil biz. The UT System is expecting its biggest payout this year thanks to steep oil prices, which hit $120 a barrel in June. The UT System brings in roughly $6 million a day from its oil assets. Big picture: UT's trip to the top is a lonely one, as more universities are opting out of fossil fuel investments following activist and public pressure. Just last year, Harvard and Yale promised to limit fossil fuel industry investments. Fun fact: UT isn't the only university with a nontraditional investment portfolio. Emory is rolling in Coca-Cola shares, Northwestern's endowment is packed with royalties from the pain med Lyrica, and even Harvard has owned some California vineyards since 2012.—MM | | Futurama/20th Television via Giphy Some days, with our deeply unproductive needs to "eat" and "sleep," it can feel like we aren't living in the future. Other days, not so much. Here are two stories from the week's news that are giving some real "sad Jetsons" vibes. 1. An AI rapper was dropped from a major label: FN Meka, an "AI rapper" with 10+ million TikTok followers, was dropped by Capitol Records on Tuesday after receiving criticism that the project amounted to digital blackface. The decision came after a 2019 Instagram post resurfaced that featured the Meka avatar being beaten by a police officer. Activist nonprofit organization Industry Blackout called for a public apology from Capitol over Meka's use of slurs, referring to the AI project as "an amalgamation of gross stereotypes" and "appropriative mannerisms that derive from Black artists." Capitol released FN Meka's debut single "Florida Water," earlier this month. 2. A crypto executive says he was deepfaked: Binance's chief communications officer, Patrick Hillmann, claims that sophisticated scammers created a deepfake of him to hold video calls with representatives of different crypto projects as part of a scam operation. Hillmann's evidence: a conversation in which someone told him that hackers had "impersonated [his] hologram." The future, folks!—MK | | Francis Scialabba Stat: Between 2 million and 4 million working-age Americans are not currently working due to long Covid, which may help explain the US' persistent labor shortage, according to a new report from the Brookings Institution. For some perspective, 3 million workers is equivalent to 1.8% of the total civilian labor force, and their not being able to work translates to $168 billion in lost annual earnings. Quote: "Our kids are going to act like it's a rotary phone, or changing the channel on a television." California Gov. Gavin Newsom told the NYT that his state's new rules around gas-powered vehicles signal the end of the road for the carbon-emitting tailpipe. Yesterday, the California Air Resources Board approved a plan that will ban new gas-powered cars from being sold starting in 2035. Listen: Mark Zuckerberg talked with Joe Rogan for nearly three hours. (The Joe Rogan Experience) | | | It's electric. What do your favorite band and barista have in common? They're both full of energy. But besides being your No. 1s, music and coffee are pretty electrifying. And we know they'll be in your life for many energizing tomorrows, wherever your journey is heading. Join Buick for a future designed around you. | | The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to drinking a large Coke with ice in a dark movie theater. It's that satisfying. Ace the quiz. | | - Parts of the affidavit that the FBI used to get a search warrant for former President Trump's FL home will be unsealed today.
- T-Mobile is teaming up with SpaceX's Starlink unit to provide internet service in mobile dead zones across the US.
- Ukraine's Zaporizhzhia nuclear power plant, Europe's largest, was temporarily knocked offline for the first time ever yesterday as concerns about safety mount.
- Sony is hiking the price of PlayStation 5 in Europe, China, and other major markets (but not the US) due to inflation and the devaluation of the yen. It's an unusual move, given that the company typically discounts the console ahead of the holidays.
| | Fair grub: The best state fair in the country—Minnesota's—has kicked off. Check out the slate of new food hitting concession stands this year. Teacher stories: We're planning a bunch of stories with a "Back to School Week" theme next week and want to drum up all the warm fuzzies. What's something a teacher did or said that most influenced you, or even changed the course of your life? Share your story here. For the techies: From drones and robotics to the metaverse and augmented reality, Emerging Tech Brew keeps you up to date on the tech that shapes business and society. Check it out. | | Billy Madison/Universal Pictures via Giphy The Brew's Business Essentials Accelerator is designed to fast-track the careers of top performers. The eight-week course is tailored to ambitious professionals who want to develop a holistic understanding of business while building authentic relationships. Don't pass up the opportunity to learn frameworks and strategies you can use to immediately level up at work. We only have a few more spots left in our September cohort, so fill out the five-minute application today. | | Jigsaw: Back by popular demand—the Brew's digital jigsaw puzzle. Today we're hanging 10 with the aquatic pups at the World Dog Surfing Championships. Play it here. Friday puzzle Let's have some fun with anagrams. Below are anagrams of famous historical figures or celebrities, and you have to unjumble the letters to discover the person. The anagrams are indirect clues about that person. Example: He bugs Gore → George Bush - Old West action
- My pale hero
- I'll make a wise phrase
- A bad man (no lies)
- Odd silent month
| | According to Pew Research, 60% of workers who say their jobs can be done from home are doing just that. Does everyone feel that way? We asked around. Watch now. Check out more from the Brew:  On Business Casual, Nora talks to Elan Lee, game designer and the co-founder and CEO of Exploding Kittens, a card game that became the No. 1 most-backed project in Kickstarter history. Listen or watch here.
 Prolific economist and co-author of Talent, Tyler Cowen, is hosting a FREE talk on leadership on Sept. 1. Sign up today.
| | - Clint Eastwood
- Amy Poehler
- William Shakespeare
- Osama bin Laden
- Tom Hiddleston
Sources: here and here. | | | ✢ A Note From Dame Products *Offer code BREW15 is valid for one-time use per customer from 08/26/2022 at 12 a.m. EST and ends 08/31/2022 at 3:00 a.m. EST. Must be applied at checkout. Cannot be combined with other offers and is not applicable to previous orders.* | | | Written by Neal Freyman, Max Knoblauch, and Matty Merritt Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → Tips for smarter living → - Money Scoop: your personal finance upgrade
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