The Center for Global Development holds a discussion on “Bretton Woods at 80: Priorities for the Next Decade” at 9 a.m. … Fed Gov. Michelle Bowman speaks at the Philadelphia Fed’s Fintech Conference at 9 a.m. … Rep. Ro Khanna (D-Calif.), New York Department of Financial Services Superintendent Adrienne Harris, and CFPB Director Rohit Chopra are scheduled to speak on day two of Georgetown’s Fintech Week conference … The IMF and World Bank will hold a fiscal monitor press briefing at 9 a.m. … European Central Bank President Christine Lagarde will speak at an Atlantic Council event at 10 a.m. … The Fed’s beige book is out at 2 p.m. … Must read — Rachael Bade and Jasper Goodman report that Howard Lutnick, the Wall Street CEO leading Trump’s transition operation, is in hot water with Trump insiders who say that he is improperly mixing his business interests with his duties standing up a potential administration. Be sure to check out Playbook later this morning for more. “The alarm inside Trump’s orbit has been compounded by the belief that Lutnick has tried to sideline a host of aides and advisers who worked in the first Trump administration in hopes of instead filling the second administration with new people who could be personally beneficial to him.” Family business — Benjamin Guggenheim reports that lobbyist Brendan Neal, the son of House Ways and Means top Democrat Richard Neal, repeatedly took on clients who had business in front of this father’s committee. Many tax policy advocates privately regard the powerful Massachusetts Democrat as being “too close to special interests and the main obstacle within the Democratic party to closing loopholes that companies and wealthy people use to lower their taxes.” Ambitionz as a Dimon — Trump isn’t the only one who’s got fans on Wall Street. The NYT’s Rob Copeland reports that JPMorgan Chase CEO Jamie Dimon has told associates that he supports Vice President Harris and would consider joining her administration, potentially as Treasury secretary. — The FT: “ Who would run Kamala Harris’s economy?” What’s the Scenario? — The global economy is doing just swell, according to the International Monetary Fund’s economic outlook. Growth is projected at a healthy 3.2 percent through the end of next year and “the battle against inflation is almost won,” IMF chief economist Pierre-Olivier Gourinchas said at a press conference on Tuesday morning. But Gourinchas also identified several major risks that could weaken the IMF’s outlook in the coming months, Adam Behsudi and I report. One of the biggest threats to growth are “undesirable” trade and industrial policy shifts that could significantly lower output, as well as the potential for a sharp reduction in migration to advanced economies, which contributed to recent declines in inflation. — It wasn’t just Gourinchas raising red flags. When asked about Trump’s affinity for tariffs at a Bloomberg event in Washington on Tuesday, European Central Bank President Christine Lagarde pushed back, per Victoria Guida: “In any period of time where this country, the United States, has thrived, were periods of trade, not periods of, ‘I’m going to retire behind my boundaries and play at home.’” — Those critiques of protectionism are coming in the final days of a presidential election that could shape U.S. trade, industrial and immigration policies for decades. Mass deportations and universal tariffs are central components of Trump’s agenda. Harris would take a more targeted approach to both, though she has also pushed for reforms to curtail illegal immigration and restrict certain imports. — Speaking of industrial policy: Christine Mui reports that Treasury is poised to publish a final rule that will determine which companies are eligible for a tax credit passed under the CHIPS and Science Act. Call it Swiss Beatz — CFPB Director Rohit Chopra told Victoria that it’s “very important” that the United States finalize the Basel III endgame regulation “as quickly as possible.” Federal Reserve regulatory chief Michael Barr last month outlined the contours of a reproposal, but Chopra’s opposition is a reason why it’s yet to be approved by the FDIC.
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