(Bloomberg) -- Hello from Los Angeles.

We’re halfway through the Labor Day weekend, so whether you’re getting ready for that cookout or braving any travel chaos, here’s a little something to get you primed for the new week. 

The big market thought:  The era of free-money has really ended. After being trapped in negative territory during the lockdown days, inflation-adjusted Treasury yields are again breaking out, with short-dated real rates jumping this week to the highest since March 2020.  All this is bad news for money managers and as Bloomberg’s Denitsa Tsekova writes, things could get a whole lot worse.

The big Fed calendar: Will it be another 75 basis points? Traders get their last chance next week to hear from Fed policy makers before the blackout period ahead of the Sept. 20-21 policy meeting. Chairman Jerome Powell speaks Thursday, preceded by Lael Brainard the day before, while Christopher Waller will deliver a speech Friday. 

The big meeting: To cut or not to cut? OPEC+ ministers meeting Monday are confronting a little more uncertainty than in past months. Recent market gyrations, including a more than 20% drop in Brent on the back of growth concerns, have prompted Riyadh to suggest an output reduction may be necessary. While most market watchers still expect the group to hold steady, all options remain on the table, as Grant Smith and Salma El Wardany report.

The big let-down: For the second time in a week, NASA scrubbed its Artemis I launch — part of a multi-billion dollar moon mission — after a leak in equipment transferring hydrogen fuel.  Disappointed fans will need to wait a few more weeks at least: the next attempt will come no earlier than late September. Bloomberg Opinion’s Adam Minter argues, the whole project is just a waste of money.  

The big launch: A reminder that Apple is set to launch the iPhone 14, alongside a slew of other products including a new Apple Watch, at its “Far Out” event Wednesday. Mark Gurman predicts that enhancements to the new phone will be “more modest than mind-blowing” though there’s likely enough to entice many users to upgrade. 

The big match: Serena Williams may have made a dramatic exit from the US Open on Friday, but the show must go on. Men’s world No. 1 and last year’s winner Daniil Medvedev is seeking to be the first repeat champion at Flushing Meadows since Roger Federer more than a decade ago. Iga Swiatek, the top ranked women’s player, moved into the fourth round after beating Lauren Davis in straight sets Saturday. 

The big referendum: Chileans vote today on whether to replace the country’s Pinochet-era constitution with a more progressive, less business-friendly one that, among other things, seeks to hold the private sector more accountable and establish a national health care system. Most polls indicate the new charter will be defeated, which should provide a boost to local assets.   

The big opinion: President Biden last week gave his most combative speech yet, accusing MAGA Republicans and Donald Trump of being a threat to the country. Republicans have responded with outrage, accusing the president himself of  stoking divisions, while Trump himself on Saturday declared the president an “ enemy of the state.” Bloomberg Opinion’s Clive Crook’s take on this: Biden is right that American democracy is under threat but unfortunately, he seems not to know why, or what to do about it. Also: read about how Biden loves unions, but why they don’t love him back.   

And finally, hog farmer Brian Duncan joins “What Goes Up” to talk about the agricultural commodities markets and his perspective on the US economy as he plans for next year’s crops.

Enjoy your Labor Day-shortened week. See you on the other side.

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