US War With Iran Hits Six Month Mark | Balance of Power 08/28/2026

Summary

The episode covers Fed Chair Kevin Warsh's Jackson Hole speech and the market pricing of a possible September rate hike, with attention on upcoming CPI/PPI. It also discusses the FRONTIER Act AI oversight bill, a potential US stake in Venezuelan oil fields and Chevron's expansion, and Leon Panetta's view that Iran's control of the Strait of Hormuz is keeping oil and inflation pressure elevated. Additional segments cover beef affordability and midterm politics.

• Fed Chair Warsh stressed the 2% PCE target and said recent inflation data is not entirely encouraging.
• Markets price roughly half odds of a September Fed rate hike; short-term Treasury yields jump.
• Mattie Duppler argues credit availability, not rates, was the most important part of Warsh's speech.
• Rep. Lori Trahan discusses the FRONTIER Act for federal oversight of advanced AI models.
• Bloomberg reports Pentagon talks for a major US stake in up to 17 Venezuelan oil fields; Chevron is seen expanding.
• Leon Panetta says Iran's control of the Strait of Hormuz is cutting fuel flows and adding to inflation.
• Beef and broader consumer affordability concerns are raised ahead of the midterms.