What you need to know on Wall Street today

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It will be a wild and woolly September on Capitol Hill as Congress faces a massive number of legislative deadlines and initiative launches.

There’s must-pass legislation — like raising the debt ceiling and a bill to fund the government — and some long-gestating projects like the Republican plan to overhaul the tax code and a bipartisan effort to stabilise the individual health-insurance exchanges.

Throw in unexpected issues like funding for the Hurricane Harvey recovery effort and it will most likely make September the most jam-packed month of the year. Here’s what you need to know.

The Trump administration announced Tuesday it will end the Deferred Action for Childhood Arrivals (DACA) program, a controversial Obama-era policy that shields from deportation nearly 800,000 young immigrants brought to the US illegally as minors. You can follow the latest news on DACA here.

Hurricane Irma is now a Category 5 storm and could make landfall in Florida.

In deal news, the aerospace supplier United Technologies has struck a $US30 billion agreement to buy the avionics and interiors maker Rockwell Collins. The maker of Angry Birds is planning an IPO. The “cord-cutter” generation is about to have its first big IPO, but that doesn’t make Roku the next iPhone.

Craft beer’s argument for not selling out is totally flawed — and it’s great news for Anheuser-Busch and Heineken. And a biotech CEO who sold a company for $US14 billion shared his best career advice.

What do you picture when you imagine a hedge-fund office? A noisy trading floor full of guys in fleece vests? Two Sigma, a $US45 billion hedge-fund firm that uses advanced technologies to find investment opportunities, is a little different. We went inside Two Sigma’s NYC office to check it out.

A legendary volatility pioneer says one of the market’s hottest trades is like “betting on the roulette.” Billionaire investor Steve Cohen is reportedly edging closer to launching his new fund. And Deutsche Bank has hired a top banker to help run fixed-income sales for emerging markets.

China announced a ban on ICOs on Monday, declaring them illegal, and South Korea pledged to “strengthen levels of punishment” for those looking to raise money through ICOs. The two countries followed the US, which ruled in July that ICOs must adhere to strict securities laws. That sent cryptocurrencies sharply lower.

In related news, bitcoin is the “best example right now” of a bubble, according to Robert Shiller. And a cryptocurrency insider explained a devastating truth about digital coin offerings.

Elsewhere, America is facing a “retail refugee crisis” as thousands of stores shut down and millions of people become the “blacksmiths of their era“. And young Americans are giving up on capitalism.

Lastly, Wall Street’s oldest steakhouse has a secret menu for billionaires — here’s what’s on it.

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