Brexit fears brew; Another Uber controversy; India's 'Game of Thrones' leak

Exciting news! A brand-new version of this newsletter – with more video and more of Quest's voice and global perspective -- will be launching in your inbox soon. Profitable Moment   The Fed: Halfway to 'normal'  How far and how fast? The Federal Reserve will likely keep raising interest rates for the forseeable future. Another rate hike this year is widely expected. Now the President of the San Francisco Federal Reserve, John Williams, has told me he believes the Fed is only halfway through its task. Williams expects U.S. interest rates to top out around 2.5% (current fed funds target is around 1.25%, so there is some way to go). Williams told me "we do need to see some more rate increases…to get us to this normal level."  Williams described the economy in and around San Francisco as "red hot" and "booming," but he drew a distinct difference between the dot-com bubble and burst and today's tech companies, which he argues have real revenues, profits and savings.   So – we know the ever cautious Fed will move, ever cautiously, but rates will continue to rise.  And it will be sooner rather than later.   -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Patrick Gillespie, Julia Horowitz and Paul R. La Monica of CNNMoney 1. UK leaders try to quell Brexit fears  As Brexit negotiations move forward, Britain is trying to hold onto its biggest business partner: the European market. The third round of Brexit talks is due later in August, and U.K. officials are under growing pressure to clarify their plans for trade and immigration once it leaves the European Union in 2019. British government leaders said in a position paper published Tuesday that they want "the freest and most frictionless" trade relationship with the EU.  2. Uber suspended in Philippines as woes mount Regulators in the Philippines ordered Uber to stop operations for a month. Uber had previously been asked to stop accepting applications for new drivers. It's the latest headache for Uber, which is still reeling from a sexual harassment scandal. Global rivals Lyft, Didi, Grab and 99 are gaining ground. And Uber also said Tuesday it will agree to a privacy audit every other year in the U.S. for the next 20 years. That followed allegations by the FTC of deceptive behavior. 3. Arrests in India over 'Game of Thrones' leak Indian police have arrested four men suspected of leaking an episode of HBO's insanely popular show "Game of Thrones." The men were arrested in Mumbai after an investigation into an episode that was posted online before its scheduled release on August 7. They appeared in court for a preliminary hearing on Monday. A spokeswoman for the company said the incident is not connected to a larger hacking incident at HBO. 4. James Damore: 'I do not support the alt-right' The engineer who was fired from Google last week over his controversial 3,300 word essay on diversity has become a darling of the alt-right. But James Damore distanced himself from the movement in an interview with CNN Tech. "I do not support the alt-right," he said. "Just because someone supports me doesn't mean I support them." A number of alt-right personalities have praised Damore, who critiqued Google's "politically correct monoculture" in his viral manifesto. 5. Quick Takes: Aldi takes on Amazon in food delivery fight and Amazon battles the corner store   Warren Buffett ditched GE stock but Berkshire bought GE spinoff Synchrony   Home Depot earnings show that the great American housing boom isn't over   'Grandstander' CEOs exit Trump council. Here's why Under Armour needed to Germany's second biggest airline files for bankruptcy after Etihad pulls plug Scaramucci to Colbert: Trump should've been 'way harsher' on Charlottesville 6. What's next: More retail doom & gloom? After the bleak news from Coach and Dick's Sporting Goods, Wall Street is on guard for more trouble when Target posts results Wednesday morning. The discount giant continues to face intense pressure from Amazon, as well as Walmart. Victoria Secret parent L Brands is expected to say profits tumbled last quarter when it releases results after the closing bell. NAFTA talks kick off: The Trump administration is scheduled to begin renegotiating NAFTA with Mexico and Canada on Wednesday in Washington, D.C. Trump has promised to get a better deal for American workers under NAFTA, which Trump has blasted as the worst trade agreement in American history. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. 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