Here’s what to know:

• Minneapolis Fed President Neel Kashkari told CNBC yesterday that “now is the time to start slowly moving up” interest rates, saying the central bank has “more work to do to get inflation back down.”
• Fed Governor Lisa Cook also said Wednesday that she is “prepared to act” on a rate hike to curb inflation.
• While Kashkari was one of three dissenters at last week’s Fed meeting, Cook voted with the majority to hold rates steady.
• Private payrolls expanded by less than expected last month, according ADP data released yesterday. Economists will get another read on the labor market tomorrow morning with the release of July’s all-important jobs report.
• The Dow climbed to a new record in Wednesday’s session, but the S&P 500 snapped its four-day win streak.
• Follow live market updates here.

As CNBC’s MacKenzie Sigalos writes, Dean is only the latest talent to leave Google. His departure and Hassabis’ new position raise questions about Google’s ability to be an AI leader, particularly as booming growth in its cloud unit tests its commitment to frontier AI.

Google wasn’t the only one announcing leadership changes yesterday: Salesforce elevated its revenue head Miguel Milano to operating chief. Milano was previously an Oracle executive before rejoining Salesforce in 2023.

That’s about 60% of the $166 billion haul the government reported from President Donald Trump’s “liberation day” tariffs. Trump, who has tried to replaced the blocked duties using other methods, said this week that the “Supreme Court gave us a little shot, but we’re allowed to do it in a different manner.”

One refund recipient was E.l.f. Beauty, which said yesterday that it got about $50 million back. The refund boosted E.l.f.’s net income in the first quarter, and the cosmetics retailer said it would use the money on marketing and to lower prices on around 10% of its assortment.

The comments from the leader of Bank of America — which was one of Situational Awareness’ prime brokers — imply that Wall Street’s leading prime brokers could be reevaluating their exposure to other highly levered firms.

Moynihan said Bank of America would have been “fine” even if Citadel hadn’t struck a deal with Situational Awareness. But following the saga, there’s a natural inclination to “tighten the underwriting standards,” he said.

U.S. same-store sales at the chain jumped 8.5%, far outpacing RBI’s other brands. Burger King’s strength helped the company offset continued weakness at Popeyes and largely flat sales at Tim Hortons.

Meanwhile, Salad and Go filed for Chapter 11 bankruptcy protection and closed all of its locations yesterday. As CNBC’s Amelia Lucas reports, the upstart chain said that the cyclospora outbreak intensified already existing business challenges.