Fast Money 8/27/26

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**Brian Sullivan** (1:01)
Live from the NASDAQ market site, this is Fast Money. Here's what's ahead. The Jackson Hole Countdown. Fed Chairman Warsh on the clock, set to deliver what will arguably be his most important speech since becoming head of the Fed a couple months ago. Plus, the sizable software surge. Salesforce, fueling a rip-roaring rebound with its best day ever, but is that revival for real? And then, inside NVIDIA's half a trillion dollar day, breaking down the dollar store dilemma, and we'll have a rather meaty, beefy conversation about Big Macs and McDonald's, big blues. Hi everybody, I am Brian Sullivan. In from Melissa once again, coming to you live from Studio B right here at the NASDAQ. And on your desk tonight, we've got Dan Nathan, Guy Donnie and Tim Seymour. Welcome everybody. It's gonna be a big show, a ton to do. Let us jump right in. And begin with the Fed, the Chairman on the Clock, Kevin Warsh, just hours away from delivering his highly anticipated keynote at the officially named Jackson Hole Economic Symposium. It is arguably, as we said, the most important speech since he took over as head of the Fed. We're gonna get to Steve Leesman in a moment.
But Guy Donnie, hello Brian. You guys are throwing me off here.

**Robert Tipp** (2:21)
You're right there.

**Brian Sullivan** (2:22)
Tim Seymour is remote, so I'm trying to figure it out.

**Guy Adami** (2:25)
Is it that difficult?

**Brian Sullivan** (2:26)
No, it's a little bit odd.

**Guy Adami** (2:27)
By the way, the folks in the radio audience have no idea what you're talking about.

**Brian Sullivan** (2:31)
What do you want to hear from Kevin Warsh tomorrow?

**Guy Adami** (2:35)
Stand, stay the course.

**Brian Sullivan** (2:36)
Who's Stan?

**Guy Adami** (2:38)
Stand your ground and stay the course. That's what I want to hear. He's been hawkish. He's been sort of dug in on this. It's a new Federal Reserve. I'm sort of on board with all this stuff. Again, he's been hawkish. Good for him.
But does what's happened over the last week and a half, in terms of what Treasury Secretary Besson has done, does that change the narrative? I hope that it does not and I hope to hear that tomorrow.

**Brian Sullivan** (3:00)
Tim Seymour, how about you?

**Tim Seymour** (3:02)
Well, I don't think we're going to get a whole lot from him. Jackson Hole, historically, at least under the power regime, was a place for big headlines and possibly policy changes. And I just don't think that's where we are.
Not only is the communication salvo not a salvo, but I think there's a sense that the Fed really is watching data that on different parts, the labor market is not getting away from us, but inflation is absolutely above. We're hearing from multiple Fed governors now that they believe the time to act is now. These are quotes out of today's regional Fed headlines. So I think a market that is looking for the Fed to be aggressive against inflation is probably not going to get that. I don't think the Fed is going to give reasons for, call it bond bulls, to give the market a reason to actually rally. I don't think rates are coming down here.

**Brian Sullivan** (3:56)
I feel like, Dan, we're in the streets of Pamplona because all the bulls are running. Right? You got the bond bulls running. You've got the stock bulls running. Energy's running. Crypto's running. Gold's running.
Are we running on empty?

**Dan Nathan** (4:08)
That's why they pay you the big bucks here, Brian. I mean, that's some good stuff.
I don't know. I'm in a slightly different camp. I'm not like some great Fed watcher. I'm certainly not an economist. I kind of feel like Warsh comes in. He kind of sets this kind of new tone about how they're going to communicate Fed policy. And to me, I feel like he's going to actually get painted into a corner a little bit. I think the market may do a thing. It might be the bond market. It might be the stock market. It may be all the markets. And I go back, Guy, to Q4 of 2018, which Fed Chair Powell was in the seat for what? About a year. He was kind of raising interest rates coming off at zero interest rate bound. And what happened in Q4, Guy? The stock market dropped?