What you need to know on Wall Street today

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The world’s largest hedge fund told clients that the Federal Reserve is making a mistake by raising interest rates.

“The Fed is basing its moves on classic cyclical indicators and the desire to ‘normalize’ the balance sheet,” Bridgewater Associates told clients in a private note, which was seen by Business Insider. “Based on the calculations that we do, we doubt that the Fed will be able to execute its plan without causing problems.”

US economic growth in the second quarter was stronger than previously thought, according to the Commerce Department’s third estimate of gross domestic product released Thursday. Here’s why millions of Americans still feel left behind by the economic recovery.

President Donald Trump’s long-awaited tax plan was released to much fanfare on Wednesday, and reactions from Wall Street are already rolling in.

Whitney Tilson is closing his hedge fund Kase Capital, telling investors “reporting sustained underperformance to you was making me miserable.” The “Diva of Distressed” investing, Lynn Tilton, just beat SEC fraud charges. And a Wall Street analyst unleashed on Jamie Dimon and everyone else calling bitcoin a fraud.

In bank news, here’s how Citigroup, the US’ largest credit card issuer, is staying competitive in the age of tech disruption.

In deal news, Roku is up more than 40% in its first day of trading, and the maker of Angry Birds priced its IPO at the top end of its range, netting a $US1 billion valuation.

In markets news, Trump’s approval rating is sending traders signals on a $US14 trillion market, traders refuse to let Equifax off the hook, and here’s how to make money from the NFL’s ratings debacle as anthem protests grow.

Hugh Hefner, the founder of the Playboy empire, died Wednesday evening at the age of 91, leaving behind a brand worth millions and a fortune that accumulated — and diminished — over decades. Here’s who will most likely inherit Hugh Hefner’s millions

Lastly, for $US33,000 a person, this luxury travel agency will take you to an undisclosed location to “get lost.”

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