9AM HOUR: Fed Chairman Warsh Keynote Speech Day at Jackson Hole 8/28/26

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You were looking at a live shot of Jackson Hole, Wyoming, home of the Kansas City Fed Economic Symposium, where in about an hour, the Fed Chair will deliver the keynote that global markets have been waiting for, will bring you live coverage. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures fairly steady ahead of Warsh. The two-year yield close to some three-week highs. Meantime, mixed reactions to earnings out of Marvell, Ulta, Gap, Workday, and Affirm. Oil slightly lower as the Iran conflict officially hits the six-month mark.
We, of course, begin with the Fed Chair and his Jackson Hole speech, Jim. A lot to get to, a lot of expectations, and including the mechanics around the symposium, whether we'll get that famous walk that past chairs have done.

**Jim Cramer** (1:58)
You know, I've been thinking about it.
What's funny is that there are some statistics that show that it tends not to move more. However, it's a new Fed chief, number one. And two, I don't know if there's ever been a Fed chief that we knew less about. So, I mean, that may not, but to me, anything that happened in the past, Carl, really doesn't matter. I do think that there's just this drumbeat of, he's got to do something about inflation. I come back and say, well, how about if his efforts are going to be capped by a secretary of treasure who is not going to let the long bond go up? David, it's very difficult to have a treasury secretary who basically says, listen, you can do whatever you want in the short race, but I'd be careful.

**David Faber** (2:39)
Yeah, well, we talked about that interesting dynamic right now as a result of Secretary Besson's decision to try to at least move the long end of the curve down through, what do they call it, operation?

**Carl Quintanilla** (2:54)
Twist and shout is what we're calling it. Yeah.

**David Faber** (2:57)
And it's an interesting one. I don't know whether Warsh will actually address it head on in any of the comments that he's making.

**Jim Cramer** (3:05)
Well, look, don't we all wonder what the relationship is with the president, Warsh, in the sense that we know that the president picked the previous Fed chief, and then he humiliated him for the rest of the tournament, you know, the whole time.

**David Faber** (3:22)
I defer to other reporting. There has been reporting, Carl, that they speak a lot. No.

**Carl Quintanilla** (3:27)
The president has said they speak.

**David Faber** (3:29)
Yes.

**Jim Cramer** (3:29)
Okay. Well, that's all right. They talk, and I just don't want them to, like, I don't want Warsh to say something, and then the rest of the next, I don't know how many years we just have the guy be made fun of. That would be a lovely job.

**Carl Quintanilla** (3:39)
The Times does do a nice piece looking at the boundaries between Treasury and Fed. They actually quote some advisors to past Fed chairs, who once said, Besson's move strikes me as pretty inconsiderate, if not a slap in the face, going into Jackson Hole.

**Jim Cramer** (3:53)
And that's what I was thinking. It's funny, I was in the Journal today of a piece about Besson and Warsh.
We thought that they were Titans and they spoke at these great schools. Well, I don't buy it. The whole idea of Titan because you go to school, that's a very old, whoever wrote that piece is from my generation. I don't think it works that much. David, I think that you could naturally say that Besson looked at the longbond and said, boy, I stop this. Maybe the president said, you got to stop it. Maybe the president didn't. But if you're Besson, you don't want to run away longbond. But then you had that chat cheapie teepee stump by Stan Druckenauer.