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Your Weekly Forecast Scorecard: Consumer Confidence fell 1.3 points to 97.4 in August. The critical expectations component dropped to 74.8, remaining below the 80 threshold that typically signals recession ahead. Consumers' 12-month inflation expectations jumped to 6.2% from 5.7% in July, while references to tariffs and high prices increased sharply in write-in responses. Durable goods orders dropped 2.8% in July after June's 9.4% decline, driven by transportation equipment falling 9.7%. However, the personal income and spending data showed Americans maintained their purchasing power with income rising 0.4% and spending up 0.5%, though the PCE price index - the Fed's preferred inflation measure - rose 0.3% excluding food and energy, marking continued price pressures.

Federal Court Strikes Down Trump's Global Tariffs: A federal appeals court delivered a stunning 7-4 ruling Friday declaring most of President Trump's sweeping global import tariffs illegal, finding that the president lacked constitutional authority to impose "varying tariffs of unlimited duration on imports of nearly all goods from nearly every country." The US Court of Appeals for the Federal Circuit upheld a lower court ruling that Trump exceeded his authority under the 1977 International Emergency Economic Powers Act (IEEPA), with judges emphasizing that "tariffs are a tax, and the framers of the Constitution expressly contemplated the exclusive grant of taxing power to the legislative branch." The decision allows tariffs to remain in place pending a likely Supreme Court appeal, but creates immediate uncertainty for businesses operating under these trade policies.

Fed Governor Lisa Cook Sues Trump: Federal Reserve Governor Lisa Cook filed a federal lawsuit Thursday challenging President Trump's attempt to fire her over alleged mortgage fraud. Cook's complaint argues Trump's termination letter violates her Fifth Amendment due process rights and statutory protections under the Federal Reserve Act, which allows removal only "for cause" related to official misconduct - not private financial matters. The case centers on allegations that Cook designated two different properties as primary residences on mortgage applications in 2021, which her lawyers describe as a "clerical error" unrelated to her Fed duties. Cook's lawsuit highlights that no president has ever attempted to fire a Fed member, making this legally uncharted territory with massive implications for monetary policy independence.

Crypto Corner: A key U.S. financial regulator, the Commodity Futures Trading Commission (CFTC), just outlined a clearer path for foreign crypto exchanges to register and legally offer complex financial products, known as derivatives, to U.S. traders. The new guidance could potentially pave the way for international giants like Binance to re-enter the U.S. market, introducing formidable competition for entrenched domestic leaders such as Coinbase and Kraken.

The Big Picture: This week confirmed that the intersection of legal challenges to Trump's economic policies and direct attacks on Fed independence is creating a constitutional crisis that forces businesses to hedge not just against market volatility, but against the fundamental breakdown of the institutional framework that has governed American economic policy for decades.

JOLTS Report Tuesday: Tuesday brings the Job Openings and Labor Turnover Summary (JOLTS) from the Bureau of Labor Statistics—the most comprehensive snapshot of available jobs across America. This report tracks job openings, hiring, quits, and layoffs across all industries. Recent data shows job openings were little changed at 7.4 million in June 2025, but July trends will be crucial for understanding labor market momentum.

Why It Matters: JOLTS tells you whether companies are actually hiring or just posting jobs for show. High job openings with strong hiring rates signal a robust job market whereas when openings fall or hiring slows, it's often the first sign companies are tightening their belts before broader layoffs begin. The "quits rate" is particularly important—when people feel confident enough to leave their jobs voluntarily, it indicates a healthy economy where workers have leverage.

Challenger Job Cuts Report Wednesday: Wednesday brings the Challenger Job Cuts report from Challenger, Gray & Christmas—the premier tracker of announced corporate layoffs across America. Challenger Job Cuts in the United States increased 29% to 62,075 persons in July from 47,999 persons in June. This private research firm compiles data from public announcements, SEC filings, and media reports to track which industries and companies are cutting jobs and why.

Why It Matters: Unlike government data that comes with delays, Challenger tracks layoffs as they're announced, giving you real-time intelligence about which sectors to avoid and which companies might be struggling. High layoff numbers often precede broader economic slowdowns by several months, while low numbers suggest corporate confidence remains strong. Pay attention to the reasons given for cuts to see what the leading causes are, and what industries are most affected.

Nonfarm Payrolls Friday: Friday delivers the Employment Situation Summary—commonly called the "Jobs Report" or "Nonfarm Payrolls"—the most market-moving economic data of each month. This Bureau of Labor Statistics report reveals how many jobs were created or lost, the unemployment rate, and average wage growth. It's the definitive monthly scorecard for the American labor market and often moves stock markets, interest rates, and Federal Reserve policy.

Why It Matters: Strong job growth typically signals economic expansion, rising wages, and abundant career opportunities across all sectors. Weak numbers often trigger market selloffs and can prompt the Federal Reserve to change interest rates, affecting everything from your mortgage to your company's expansion plans.

Every ambitious professional dreams of a disruptive idea, but Pakistani-American billionaire Shahid Khan—owner of the NFL's Jacksonville Jaguars and Fulham F.C.—built his estimated 12.2 billion fortune on a somewhat neglected principle: unglamorous, operational dominance. His core business, Flex-N-Gate, doesn't make viral apps; it makes bumpers and auto parts. Khan’s genius wasn't in inventing a new product, but in perfecting the process. He re-engineered the entire manufacturing workflow to be lighter, more integrated, and flawlessly efficient, making his company an indispensable partner to automotive giants like Toyota. While competitors chased flashy tech, he obsessed over logistics, supply chain, and quality control, turning industrial efficiency into an art form and an unbreachable competitive moat. Stop searching for a revolutionary idea and start pursuing revolutionary execution. Your market-defining advantage often lies not in what you do, but in how meticulously and reliably you do it.

Read more about his story on Forbes

That new EV is tempting, but financing it through a dealership's 7.9% APR loan isn’t really allowed. Conventional car loans are a textbook example of riba. So, what about leasing? It can be tricky. Many standard lease agreements contain interest-based penalty clauses and unclear terms of ownership, which can be problematic.

The cleanest Shariah-compliant alternative is an Islamic auto financing product, typically structured as an Ijara wa Iqtina (a lease that ends with ownership). Here’s the process: the Islamic financial institution buys the car you want and then leases it to you for a fixed period at a fixed monthly payment. You're not paying interest on a loan; you're paying rent for the use of an asset they own. At the end of the term, ownership is transferred to you, often as a "gift" or for a nominal sum as stipulated in the contract. Companies like UIF Corporation offer these products, providing a clear path to get you on the road.

Take a look at your monthly cell phone bill. You might be paying $10, $15, even $20 a month for your carrier’s insurance plan. You pay it out of fear, assuming it’s the only safety net for your thousand-dollar cell phone.

This is, financially speaking, a terrible deal. You are likely already covered by a benefit you’re ignoring.

Meet your Credit Card’s Built-in Cell Phone Protection.

Many premium (and even some no-annual-fee) credit cards offer complimentary cell phone insurance as a standard perk. All you have to do is pay your monthly cell phone bill with that specific card. That’s it. If you crack your screen or your phone goes for a swim, you’re covered.

Here's the playbook:

It’s a simple, two-minute administrative task that puts real money back in your pocket. Being smart with money isn’t just about big investment wins; it's about eliminating the small, unnecessary drains on your wealth. Stop paying for redundant coverage. Your credit card has your back.

Citi has raised its price target for Nvidia (NVDA) to $190 per share, driven by a significant anticipated expansion in the AI infrastructure market, especially from sovereign governments building their own national capabilities. The investment bank believes Nvidia is central to nearly every sovereign deal and has consequently increased its total addressable market (TAM) estimates for both AI compute and networking. This optimistic forecast is supported by projections of strong revenue growth in Nvidia's data center and networking segments, easing supply chain concerns, and expectations of sustained high gross margins. While Citi acknowledges potential downside risks, such as renewed U.S. export restrictions, it concludes that the global "AI gold rush" from both public and private entities continues to accelerate.

In today’s world, who you know is becoming more important than what you know. Join the largest online community of Muslim professionals in North America at muslimprofessionals.us.

That's all for this week. Make it a great one.