What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Investors are starting to brace for yet another debt-ceiling debacle.

Evidence of that can be found in the market for Treasury bills, a highly sensitive market that reflects the premium investors want for lending to the US government. Amid concern that the government will run out of funding mid-October, yields on Treasury bills due that month are spiking.

On Friday, Fed chair Janet Yellen is set to deliver a speech on financial stability at the Fed’s annual economic symposium in Jackson Hole, Wyoming. Here’s how the remote Western resort of Jackson Hole became a go-to gathering for central bankers. And Yellen’s omission of one key concept in her speech could make waves on Wall Street.

In other news, hedge funds can’t stop betting on the stock market’s secret weapon. Corporate raider Bill Ackman threatened his most recent target with negative media coverage. And Wall Street alum Sallie Krawcheck just raised $US32 million for her investing platform.

We talked to the president of the Nasdaq Stock Exchange about IPOs, IEX, and how to revitalize the market.

In deal news, Fiat Chrysler found a magic formula with Ferrari — and could use it on Maserati next. And Daimler is reportedly considering splitting up its Mercedes divisions.

In tech news:

Lastly, a California millionaire built a massive “13th-century Italian castle” in the middle of wine country — take a look inside.

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