1 big thing: The "flying blind" economy

CEOs, central bankers and money managers say they're operating in a world where they have no idea what's coming next, leaving them with few options but to prepare for the worst, Axios' Courtenay Brown writes.

Why it matters: Uncertainty about a handful of unprecedented phenomena — the grinding trade war with China, the peripatetic Brexit debate, President Trump's government-by-tweet — is inflicting pain on the global economy.

Corporate America is raking in eye-popping profits, but is in a decision-making tailspin.

Uncertainty is now showing up in hard data: The lack of corporate dollars being spent — on factories, software or new equipment — dragged down economic growth in the 2nd quarter.

showing up in hard data: The lack of corporate dollars being spent — on factories, software or new equipment — dragged down economic growth in the 2nd quarter. Business investment fell 0.6% — the first drop in 3 years.

Everyone is stymied over how to make financial or investment plans, because the rules keep changing by the day.

Businesses don't know what to do about their operations in China, how to price their products or source their materials. And they don't know how consumers will react to higher prices during the holiday season.

Central bankers are also throwing up their hands.

There are “no recent precedents to guide any policy response to the current situation," Fed Chair Jerome Powell said in a speech last month, referring to the trade war.

Main Street is grappling with a lot of questions, too — mostly about how to absorb the impact of tariffs.

How much should mom-and-pop companies raise retail prices? Should they seek out different suppliers? Are they going to have enough to pay employees?

Consumers, too, are in a bind.

Nobody knows what to do with their money in an environment where the stock market is a roller coaster — generally doing well, but subject to wild swings pegged partly to Trump's tweets. And savings accounts pay lower interest rates due to the Federal Reserve rate cut.

The bottom line: The trade war and Brexit — two fights that were supposed to be in the rear view mirror by now — have gotten even messier and uglier in recent days. So uncertainty will remain ubiquitous.