Bloomberg Surveillance Live From Jackson Hole 8/28/2026
Спикеры
Beth Hammack
— Президент Федерального резервного банка Кливленда
Esther George
— Бывший президент, ФРБ Канзас-Сити
Richard Clarida
— Pimco global economic adviser; former Federal Reserve vice chairman
Kevin Warsh
— Председатель ФРС
Eswar Prasad
— Профессор, Корнеллский университет
Kate Moore
— Глава отдела тематической стратегии, BlackRock
Cameron Dawson
— Директор по инвестициям, New Edge Wealth
Catherine Mann
— Monetary Policy Committee Member, Bank of England
Lisa Abramowicz
— Ведущий, Bloomberg Television and Radio
Michael McKee
— Корреспондент по международной экономике и политике, Bloomberg
Joe Wiesenthal
— Co-host, Bloomberg Odd Lots
The episode covers Federal Reserve Chair Kevin Warsh's first Jackson Hole speech. Speakers including Beth Hammack and Esther George argued inflation is too high and policy may need to tighten, while Warsh reaffirmed the 2% PCE target and said the Fed has work to do. Markets read the message as hawkish, pushing front-end Treasury yields higher and flattening the curve. Additional guests discussed dollar dominance, stablecoins, AI investment, and U.S. equity resilience.
- Cleveland Fed President Beth Hammack argued inflation is too high and the Fed should raise rates.
- Former Kansas City Fed President Esther George said inflation is sticky and the Fed must act to restore credibility.
- Fed Chair Kevin Warsh reaffirmed the firm 2% PCE target and said inflation is not moving to target with sufficient speed.
- Warsh highlighted massive capital spending on AI-related infrastructure and its potential growth impact.
- Eswar Prasad argued stablecoins and financial innovation may reinforce U.S. dollar dominance.
- Citi Wealth CIO Kate Moore stayed constructive on U.S. equities and underweight duration.
- Markets reacted to Warsh with higher front-end yields and yield curve flattening.
Идеи
Fed should hike rates now.
Inflation remains too far from the 2% PCE target; PCE is 3.7% and six-month inflation is above 4%, underlying trends have not meaningfully improved, and financial conditions and credit markets show little restraint, so the Fed has work to do and may need to tighten policy to ensure inflation moves down at sufficient speed.
Dollar dominance will persist.
Despite erosion of the dollar's reserve share and safe-haven premium, the world still wants safety, private investors are sending enormous inflows into U.S. equity and financial markets, and stablecoin-driven financial innovation reduces cross-border frictions, which will likely reinforce dollar dominance by making dollar assets even easier to acquire.
AI infrastructure attracting massive capital.
AI is an important new variable and a powerful source of potential growth; massive and accelerating capital is pouring into AI-related infrastructure, with AI-related buildout likely contributing more than half of business Capex growth.
Stay underweight bond duration.
Citi Wealth has been significantly underweight duration for a considerable period and sees little reason to add duration given the fiscal backdrop, so it continues to avoid or underweight U.S. bonds.
Далее
This Bloomberg Markets video, published August 28, 2026, features Beth Hammack, Eswar Prasad, Kevin Warsh, Kate Moore discussing U.S. 2-Year Treasury, UUP, SPY, AI-related infrastructure, TLT. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Beth Hammack, Eswar Prasad, Kevin Warsh, Kate Moore · Tickers: U.S. 2-Year Treasury, UUP, SPY, AI-related infrastructure, TLT