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Politics: The FBI's effort to get documents from former President Donald Trump's Florida home escalated sharply this summer. 

Economy: The Labor Department is set to release data on producer prices for July and initial jobless claims for the week ended Aug. 6.

The Russia-Ukraine War: Kyiv is building forces outside Kherson, even as larger battles continue in the eastern region of Donbas.

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Between that meeting and the search on Monday, someone familiar with the stored papers told investigators there may be still more classified documents at the private club after the National Archives retrieved 15 boxes earlier in the year, people familiar with the matter said, report Alex Leary, Aruna Viswanatha and Sadie Gurman. Justice Department officials also had doubts that the Trump team was being truthful regarding what material remained at the property, one person said.

• FBI’s Trump Search Stirs Talk, Except by Those Who Conducted It (Read)

He said he was following the advice of his counsel to assert his right under the Fifth Amendment of the Constitution to not answer questions in the office's civil-fraud investigation into his and his company's financial dealings (▶️Video), report Corinne Ramey and James Fanelli.

Some Republicans are skeptical of  promises the legislation will help the fossil-fuel industry and don't like how it was tied to the tax-and-climate bill passed by Senate Democrats, reports Timothy Puko.

In other political news...

• Bribery Case Against Former New York Lt. Gov. Brian Benjamin Faces Test (Read)

• ▶️Video​: The Climate Bill Unlocks New EV Discounts, but Not Everyone’s a Winner

The Labor Department's Wednesday report showed the consumer-price index's rise was slower than June's 9.1% gain, which was the fastest pace of inflation since November 1981, reports Gwynn Guilford. Core CPI, which excludes often volatile energy and food prices, eased to 0.3% last month, down sharply from June’s 0.7% gain.

• Nasdaq Surges to Enter New Bull Market After CPI Report (Read)

• How Inflation Hit Americans: Higher Prices for Food and Alcohol Consumed at Home (Read) 

• Social Security Benefits Are Heading for the Biggest Increase in 40 Years (Read)

• Fed Likely to Want Further Evidence of Inflation Slowdown (Read)

The average price of a gallon of unleaded gasoline in the U.S. was down 21% from June’s peak, as demand for oil softens around the globe, report Joseph De Avila and Lauryn Azu. A July survey from AAA found that many people cut back on driving in response to the higher fuel prices beginning in March.

• Lower Gasoline Prices Portend Higher Consumer Confidence, Affect Inflation (Read)

In other economic news...

• ▶️Video​: Inflation Takes a Bite Out of the Fast-Food Value Menu

• Federal Budget Decficit Narrowed by 30% in July (Read)

A criminal complaint unsealed Wednesday said Shahram Poursafi tried to kill the former national-security adviser by offering to pay an individual in the U.S. $300,000, likely in retaliation for the 2020 killing of a prominent Iranian general, report Dustin Volz and Vivian Salama.

The week of military exercises was in response to a visit by House Speaker Nancy Pelosi to the island, which China’s Communist Party claims as part of its territory, report Karen Hao and Joyu Wang.

• ▶️Video​: Pelosi Says There Is 'No Departure' From the Taiwan Relations Act of 1979

• Chinese Student Visas to U.S. Tumble From Pre-Pandemic Levels (Read)

In other world news...

• Iran Has Begun Training Russia to Use Its Advanced Drones, U.S. Says (Read)

This year's collapse in cryptocurrency prices left regulators scrambling to understand the risks that digital-asset markets could pose. The possible change to hedge funds' reporting requirements comes as the Securities and Exchange Commission and the Commodity Futures Trading Commission weigh broader changes to filing rules, reports Paul Kiernan.

In other regulatory news...

• Federal Trade Commission Expected to Launch Effort to Expand Online Privacy Protection (Read)

• FCC Rescinds $2 Billion in Rural Broadband Subsidies to Elon Musk’s SpaceX and LTD Broadband (Read)

The jury found the two men guilty of manipulating gold prices, finding they used misleading orders to rig prices, reports Dave Michaels. The convictions cap a seven-year Justice Department campaign to punish a style of deceptive trading in futures markets known as spoofing, which was prevalent at some Wall Street banks before Congress outlawed it in 2010.

In other legal news...

• Walgreens Helped Fuel San Francisco Opioid Epidemic, Judge Rules (Read)

• Minnesota Corrections Officers Barred From Guarding Derek Chauvin Reach Settlement (Read)

• If Republicans win control of the House in the November midterm elections, James Comer (R., Ky.) is poised to head the House Oversight Committee. Two issues are top of mind for him: the business dealings of Hunter Biden and the origins of Covid. (Politico)
• Democrats' climate bill envisions growth in the low-carbon industry, but the sector is already facing a labor shortage. (Axios)
• Saudi Arabia is planning a gala reception for Chinese President Xi Jinping's visit next week, in contrast to the low-key audience afforded President Biden in June, as ties between China and the kingdom grow closer. (The Guardian)

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