September 3, 2026 · AM edition

China Says Protectionism Bad, NFL Experts Say They Know The Future, Fed Says Yields Are Fine Actually

The Fed says yields are healthy, China says trade is fair, and a man in a spreadsheet knows who wins the Super Bowl - everyone is very confident and nobody is accountable.

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Full recap

Happy Thursday morning. Markets are doing their premarket shuffle again, with Snowflake, Moderna, and Broadcom leading the volatility parade before most people have finished their first coffee. Yesterday it was Vertiv, Sirius, and Dell. Tomorrow it will be someone else. The casino never closes, it just changes the neon sign. Over at the G20, China got called out for flooding the world with exports and responded by accusing everyone else of promoting protectionism. Bold move from the country that invented the concept of state-subsidized everything. They also pushed back on U.S. Iran sanctions and European trade measures in the same breath. Efficient grievance packaging, if nothing else. New York Fed President John Williams stepped up to the mic to explain that rising Treasury yields are actually a good thing because the economy is strong. This is the financial equivalent of your doctor saying your fever is a sign your immune system is working great. Technically possible. Also a convenient framing when you need to justify whether to hike rates again. On the sports desk, CBS SportsLine expert Eric Cohen has predicted all 285 NFL games for the 2026 season, including the playoffs and Super Bowl winner. All of them. Every single one. The confidence required to publish that document is either admirable or deeply unhinged, and the line between those two things is thinner than a Vegas point spread. Arch Manning is already the top-ranked quarterback in the 2027 NFL Draft according to scouts, and he has not thrown a meaningful college snap yet. The Manning name doing more premarket work than Broadcom right now. Another prospect is drawing Drake Maye comparisons, which means the hype cycle has officially lapped itself. The Clippers investigation dropped its summary report from Wachtell Lipton, and the headlines involve someone named Uncle Dennis and a collection of related companies. The NBA hired a white-shoe law firm to produce a document about a team called the Clippers. That sentence alone deserves a moment of quiet reflection. The Minnesota Vikings betting preview is out, with four player props targeting Justin Jefferson and Aaron Jones before Week 1 against the Packers. Vikings fans have been here before. The props look good in September. They always look good in September. So here is your Thursday in summary: China is mad, the Fed is optimistic, a guy predicted 285 football games, and Arch Manning is already famous for games he has not played. Normal day. Watch the yields, fade the hype, and remember that premarket moves are just the market warming up its excuses.

Highlights

  • China called out for export dumping at G20, responds by calling everyone else the protectionists - a classic move from the team that wrote the state subsidy playbook
  • NY Fed Williams says surging yields reflect economic strength, which is one interpretation, and the other interpretation involves words like 'refinancing crisis' but let's not go there
  • Eric Cohen predicted all 285 NFL games this season including the Super Bowl winner, which is either peak sports content or the most elaborate cry for help in broadcast journalism
  • Arch Manning is already the top 2027 NFL Draft QB prospect based almost entirely on his last name and a handful of college starts - the fiat of athletic pedigree is alive and well

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