Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) wagers on aggressive easing by the Fed have been rising in recent days amid debate over whether the central bank should act when it meets next week. Former New York Fed President Bill Dudley told Bloomberg that US policymakers should reduce rates at that gathering.

(2) The assumptions that have driven this year's global financial markets are being rapidly rethought. In bond and currency markets, investors are racing to redeploy money amid mounting doubt over the outlook for the US economy,

(3) Hermès sales jumped in the second quarter as the Birkin bag maker weathered the luxury demand slowdown better than peers, thanks to its reliance on the wealthiest clients.

(4) UK Chancellor of the Exchequer Rachel Reeves is leaning toward offloading a substantial portion of the government's £5.6 billion stake in NatWest Group to institutional shareholders rather than continuing with her predecessor's plans to offer it up to the UK public, according to people familiar with the matter.

(5) With the Summer Games set to open, organizers say they expect a flurry of additional cyberattacks. They have many reasons to worry. Russia, for one, is shut out of the Games. Geopolitical tensions in the Middle East and the South China Sea are running high, and cybercriminals continue to bombard corporate computer networks with hacking attempts.

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