Public Markets 8 Hours

Last updated: August 28, 2026, 4:12 PM ET

Central Banks & Macro

Federal Reserve Chairman Kevin Warsh used his Jackson Hole speech to deliver a crisper picture of how he reads the economy, though questions remain over the Fed’s "reaction function." Warsh reiterated the central bank’s commitment to tackling rising prices, nudging up investor expectations of a rate increase. He warned that inflation isn’t meaningfully slowing and said policymakers must be confident it will return to target, otherwise the central bank has "work to do." Warsh added that the Fed is chiefly responsible for taming price increases, and if they don't return to target quickly, "we have wo" — a sentiment that has made him the driving force in the Treasuries market, whether he wants to be or not. His speech settled some nerves but left open questions about the central bank's reaction function.

Equities & Corporate News

US equities saw renewed optimism as strategist Edward Yardeni argues the AI stock rally may just be getting started, with good times potentially continuing for years. Andreessen Horowitz launched an $11B "Machine Age" fund to tackle AI supply bottlenecks, expanding investments in chips, robots and hardware. Meanwhile, Gap's turnaround is gaining investor confidence as the brand that set American style in the '90s undergoes a renaissance. BYD saw profits rise 30% in the second quarter on an export boost, its first increase in five quarters despite domestic pressure. A 125-year-old bull market comparison suggests today's trading craze has eerie parallels to 1901, when bucket shops dominated Wall Street.

FX & Commodities

The yen weakened past 160 per dollar, eroding more than half of its intervention-fueled gains. Japan spent a record $98.7 billion to prop up the currency in a joint move with the US, backed by Treasury Secretary Scott Bessent. Gulf oil tanker earnings approached $650,000 a day as the Iran war reshapes how barrels are transported. US natural gas futures gave back some gains as the October contract debuted at the front of the curve. OPEC's future darkens as Venezuela mulls exit, becoming the second nation in months to consider leaving the cartel.

Energy & Geopolitics

Chevron is nearing a deal to expand in Venezuela, with US energy companies close to finalizing deals to invest billions in rebuilding the country's oil fields. The US oil major is close to adding two heavy-oil fields to its portfolio, with Halliburton also in talks. The Treasury Department is moving to sever Banque Misr's UAE branches from the US financial system as part of efforts to pressure Iran. Xi Jinping's military purge saw loyalists ousted from China's legislature as the paramount leader vows no mercy in cleaning up the military.

Economy & Labor

The Bureau of Labor Statistics' 2026 revisions show a downward adjustment of just 0.1 percent of the total workforce, pointing to more accurate jobs numbers. The US created 79,000 fewer jobs than previously reported for the year ending in March, showing a slightly weaker labor picture. South Africa recorded 5.9% fewer murders in the second quarter, with the top law-enforcement official attributing the decline to improved policing. Blue-collar jobs have become the new flashpoint in the data-center fight, with trade unions threatening to withhold support for politicians.

Companies & Regulation

Walmart settled a lawsuit with the US Justice Department over allegations it fueled the nation's opioid crisis. Trump updated his $15 billion libel lawsuit against The New York Times, arguing the news organization sought to undermine his 2024 campaign. The SEC proposed rules that would let companies tell investors less, reducing audit and disclosure requirements but potentially disguising fraud. Asda reported its ninth straight quarterly sales drop, though demand has started to pick up at the grocer that's still "in the foothills of recovery." The UK chain hopes a fresh tech push can reverse fortunes after a botched post-Walmart £1bn IT upgrade. Blackstone is offering to sell a $1.25 billion stake in India's Knowledge Realty Trust via an offer for sale, its largest such transaction this year.

Healthcare & Science

An experimental gene-editing treatment significantly reduced LDL cholesterol levels, with results sticking a year later after a single-time treatment. The small study could pave the way for new approaches to managing cholesterol.

Politics & Society

Narendra Modi remains India's top choice for prime minister even as his popularity slipped marginally, according to an India Today survey. In Arizona, a House race pits Jay Feely against Amish Shah, both former New York Jets figures, giving Jets fans a welcome distraction from losing. China sees opportunity in America's AI security scares, with a leading Chinese AI start-up arguing that open software is safer than Silicon Valley's closed approach. Countries are pushing social media bans despite their flaws, with wide support but critics calling them ineffective. The Big Tobacco moment comparison for social media falls short — smoking took a long time to curb, and the analogy doesn't quite hold.

Infrastructure & Consumer

Gatwick airport's water supply was disrupted by a burst pipe, closing toilets and restaurants — the second disruption this summer. The FAFSA form for college aid will be less stressful this year, with fixes making it simpler and faster to complete. The curse of brand safety continues to challenge advertisers, with a new book documenting 50 years of marketing to Black consumers.