The Presidential Daily Brief

US Economy Surges 4.1% in Second Quarter

Analysts credit consumer spending, exports and business investment for boosting gross domestic product by nearly double the first quarter rate of 2.2 percent, marking the strongest growth since late 2014. Widely expected by economists, the impressive reading means the Federal Reserve will likely continue hiking short-term interest rates — though experts also warn the fast-track growth could be short-lived. “Personal consumption would need to keep up with this impressive pace to see a solid second half,” one analyst said.

Trump Denies Knowing About Russia Campaign Meeting

According to his former personal lawyer, President Donald Trump knew in advance about the infamous June 2016 Trump Tower meeting between his campaign and Russian operators. Cohen says Trump — who denied the claim — gave his blessing for Donald Trump Jr., Jared Kushner and campaign chair Paul Manafort to meet with a small group of Russians about material damaging to Hillary Clinton. That meeting has become a focal point in the special investigation led by Robert Mueller. Meanwhile, Trump’s current lawyer, Rudy Giuliani, said Cohen has “been lying for years.”

Hundreds of Migrant Children Still Not Reunited With Parents

The court-ordered deadline to reunite migrant families separated at the border came and went yesterday, and an estimated 757 children, including 46 under the age of 5, have not been returned to their parents. U.S. authorities said they’d fulfilled their obligations by reuniting all “eligible” families, claiming the other parents failed background checks or waived their right to reunification. But lawyers for some of the 120 parents who allegedly relinquished their rights say they did no such thing. Meanwhile, an estimated 431 parents were deported without their children.

North Korea Delivers War Remains of US Soldiers

On the 65th anniversary of the Korean War armistice, Pyongyang returned remains it says belong to 55 Americans killed during the conflict — fulfilling part of the agreement from the summit between President Trump and North Korean leader Kim Jong Un. The remains will receive a formal military ceremony at the U.S. Osan Air Base in South Korea before being flown to Hawaii for DNA testing: In the past North Korea has been accused of handing over non-American bones. The Pentagon estimates that nearly 7,700 Korean War troops remain missing.

Facebook Takes Record Plunge, Amazon Reports Record Profit

While Facebook’s revenue grew 40 percent year-on-year last quarter, investors turned tail after the company’s forecast of slower growth in the face of increased regulation and content monitoring over the Cambridge Analytica data scandal. Shares in the social media giant were down 19 percent as trading closed yesterday, wiping away more than $120 billion in market value — the U.S. stock market’s biggest ever one-day plunge — and $15 billion from founder Mark Zuckerberg’s personal fortune. Meanwhile, Amazon’s quarterly profit topped $2 billion for the first time.

Wildfires, a Fighter Pilot and the PDB Quiz

Know This: A government official in Greece says there are indications of arson in at least one of the massive wildfires that have devastated the country. Far-right Australian politician Pauline Hanson will be replaced by a cardboard cutout of herself while she is on vacation, as her One Nation party contests a by-election over the weekend. Mary Ellis, one of the last surviving female WWII pilots, has died at the age of 101. And today OZY’s Around the World campaign takes you to Serbia, Montenegro and Macedonia, where tourists often come seeking the former Yugoslavia.

Try This: Feeling presidential after a week of briefings? Prove it with the PDB Quiz.

Watch This: Tune in tonight to PBS for Breaking Big, OZY’s latest TV show exploring the secret sauce behind successful people. Host Carlos Watson sits down with Michael Strahan to find out how he broke through, and broke big.