Once a baby boomer relic, the Democratic Socialists of America now counts more than 120,000 members. Its recent primary wins are stirring panic among mainstream Democrats who dread a Tea Party moment ahead of the midterms. We spoke to DSA leaders who view the Democratic Party less as a partner than a hostile takeover target.

Also today: Wall Street usually knows what the Fed will do, but Chair Kevin Warsh’s tight-lipped posture makes today’s decision unusually hard to predict. Nick Timiraos explains what to watch for at the Fed meeting.

In addition, Europe’s wildfires are especially intense this year, adding another layer of uncertainty to the news cycle. The combination of political shifts, monetary policy uncertainty, and climate events creates a volatile environment for investors and voters alike.

Looking ahead, analysts will monitor the DSA’s influence on Democratic primaries, the Fed’s next move signaled by Warsh’s silence, and the ongoing impact of European wildfires on global markets.