Name: Bloomberg Surveillance Live From Jackson Hole 8/28/2026
Uploaded: 2026-08-28T17:23:02+00:00
Duration: 6475 s

Speakers

Beth Hammack — President of the Federal Reserve Bank of Cleveland

Esther George — Former President, Kansas City Fed

Richard Clarida — Pimco global economic adviser; former Federal Reserve vice chairman

Kevin Warsh — Federal Reserve Chairman

Eswar Prasad — Professor, Cornell University

Kate Moore — Head of Thematic Strategy, BlackRock

Cameron Dawson — Chief Investment Officer, New Edge Wealth

Catherine Mann — Monetary Policy Committee Member, Bank of England

Lisa Abramowicz — Anchor, Bloomberg Television and Radio

Michael McKee — International Economics & Policy Correspondent, Bloomberg

Joe Wiesenthal — Co-host, Bloomberg Odd Lots

Summary

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.

Ideas

Beth Hammack President of the Federal Reserve Bank of Cleveland 4:44

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.

Eswar Prasad Professor, Cornell University 40:22

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.

Kevin Warsh Federal Reserve Chairman 55:48

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.

Kate Moore Head of Thematic Strategy, BlackRock 96:03

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.

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

Bloomberg Surveillance Live From Jackson Hole 8/28/2026

Summary

Ideas

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