Field notes from a restaurant floor, a trading screen, and a lot of unfinished software.

On my radar now

The bond market got the headline it wanted. Treasury said Wednesday it will at least double the size of its buybacks in longer-dated debt, a day after the 30-year yield hit its highest level since 2007, and the long bond rallied on the news. Stocks split: the S&P 500 rose on health care and cyclicals while chipmakers took another beating, with the semiconductor index off about 5.6% and Nvidia having shed as much as $153 billion in market value the session before. Oil kept grinding higher, a fourth straight session, with Brent near $92 as the Strait of Hormuz stays effectively closed and the UAE cut financial ties with Iran. In AI, Anthropic's revenue run rate passed $65 billion ahead of a possible fall IPO and OpenAI shipped a teen version of ChatGPT with parental controls. Restaurants got a rough set of numbers: foodservice shed 26,100 jobs in July, a second straight monthly decline, while the jalapeno salmonella outbreak grew to 345 cases in 27 states. Panera relaunched MyPanera as a points program nationwide today. In New Hampshire, the state confirmed 89 cyclosporiasis cases and Sen. Shaheen met food pantries in Rochester over SNAP cuts.