Fast Money 8/28/26

**SPEAKER_1** (0:02)
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**Frank Holland** (0:58)
Live from the NASDAQ Market site in the heart of Times Square, New York City, this is Fast Money. And here's what's on tap tonight. Fed up, the new chairman in Jackson Hole says, inflation is not slowing fast enough and vows to reach that 2% target. So does that mean a rate hike in September is truly on the table? We will debate that. Plus, did this week prove that the death of software has been greatly exaggerated? We're going to break down the big week for the IGV, and look ahead to another big semi-set to report its earnings. We're talking about Broadcom. And later, we're going to go inside Tim Cook's final days at the helm of Apple, the big buy now pay later boost for shares of a firm, and our retail rebound for the record books. It is our chart of the week. I am Frank Holland, in for Melissa Lee coming to you live from Studio B at the NASDAQ. On the desk tonight, we have Steve Grasso, Courtney Garcia, Julie Beal and Mike Ko. We're going to get things kicked off with Kevin Warsh in his most important speech as Fed Chairman this morning in Jackson Hole. Warsh refining his inflation warning, expressing concerns about prices running hot.
The two-year and the 10-year jumping on the back of Warsh's remarks, the move coming as the street digests higher odds of a rate hike ahead. On Calshee, it's now a virtual dead heat that the Fed will hike 25 basis points in September. On the CME's FedWatch contract, the odds of a hike are just a bit higher now, sitting just below 56%.
Meanwhile, as the street debates rate hikes, Chairman Warsh took a different kind of hike today, and the only person he stopped for was the one and only Steve Leesman.

**Steve Leesman** (2:28)
Hi Steve, how are you doing?

**Steve Leesman** (2:29)
I'm doing great.

**SPEAKER_6** (2:30)
It was great.

**Steve Leesman** (2:31)
Love being out in the rain.

**Steve Leesman** (2:33)
What kind of hike are you doing?

**Steve Leesman** (2:35)
Well, we're going to maybe modify it. I'm not sure.

**Frank Holland** (2:39)
Alright, Steve is wrapping up his long day with us right now.
Welcome, Steve, live from Jackson Hole. You got to chat with the chairman right there. A lot of interesting comments. I think the biggest one is him saying that the trend, the trend of higher inflation seems to be worrying.

**Steve Leesman** (2:55)
Yeah, that's a good way to put it, Frank. And you know, good lesson in life. You might as well ask. You never know if somebody is going to answer. Well, Worshen is an inaugural speech to Jackson Hole delivered. It was a more detailed speech and a more hawkish speech, I think, than many expected. That was certainly some of the comment I hear. He said inflation is too high. There are a few signs that the Fed is too restrictive, and he's not confident inflation is moving back to the Fed's 2% target.

**Steve Leesman** (3:21)
Responsibility for 65 months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.
So here is my standard. We must be confident that underlying inflation is moving to our objective, clearly, and at sufficient speed. Otherwise, we have work to do.

**Steve Leesman** (3:46)
And for the first time, Warsh provided details on indicators that he's watching to gauge the economy, reacting to critics who had said he's not offering enough information on his thinking. Here's some of the things that he played out for us to take a look at. He likes PCA inflation, look at the 12 month to 6 month. Likes private domestic final purchases, that's a derivative of GDP. Credit spreads, growth of earnings, second derivative of growth of earnings by the way. And the inflation breath, that is the percent of inflation that's above 3%.