{"id":2112775,"date":"2026-08-26T14:13:11","date_gmt":"2026-08-26T11:13:11","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2112775"},"modified":"2026-08-26T14:13:11","modified_gmt":"2026-08-26T11:13:11","slug":"warshs-first-jackson-hole-bond-yields-a-treasury-rescue-and-sticky-inflation","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2112775","title":{"rendered":"Warsh&#8217;s first Jackson Hole: Bond yields, a Treasury rescue and sticky inflation"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/1200x675_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg&#8221;]<\/p>\n<article id=\"abe-2920386-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920386\" data-cid=\"9889764\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920386-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/79\/05\/189x106_cmsv2_4418c56f-eb33-5b3e-bc83-df2da973cc59-9887905.jpg\" loading=\"lazy\" alt=\"Karak\u00f6y\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Study: Istanbul residents shun culture and arts with high ticket prices main barrier\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920728-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920728\" data-cid=\"9890029\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920728-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/98\/27\/189x106_cmsv2_7875b557-e0fb-56c1-8fff-86d8b3267f7e-9889827.jpg\" loading=\"lazy\" alt=\"Screenshot X \/ Spain&apos;s National Police\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    &#8216;Escape master&#8217; who broke out of multiple European prisons arrested\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920771-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920771\" data-cid=\"9890087\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920771-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/00\/87\/189x106_cmsv2_fcb384ee-b950-5a4d-a260-2194da1e15c3-9890087.jpg\" loading=\"lazy\" alt=\"Norway&apos;s Prime Minister Jonas Gahr St\u00f8re, right, and European Council President Antonio Costa attend a news conference in Oslo, Norway, Thursday, Feb. 19, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    If Iceland joins the EU, where does that leave Norway?\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920252-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920252\" data-cid=\"9887182\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920252-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/71\/82\/189x106_cmsv2_371059a1-9410-5193-8776-1ae7ca74b04a-9887182.jpg\" loading=\"lazy\" alt=\"A Meta data center in Dublin, Ireland.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Ireland keeps nuclear door open as data centre energy demand surges\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920386-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920386\" data-cid=\"9889764\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920386-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/79\/05\/189x106_cmsv2_4418c56f-eb33-5b3e-bc83-df2da973cc59-9887905.jpg\" loading=\"lazy\" alt=\"Karak\u00f6y\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Culture news<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Study: Istanbul residents shun culture and arts with high ticket prices main barrier\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920728-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920728\" data-cid=\"9890029\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920728-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/98\/27\/189x106_cmsv2_7875b557-e0fb-56c1-8fff-86d8b3267f7e-9889827.jpg\" loading=\"lazy\" alt=\"Screenshot X \/ Spain&apos;s National Police\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    &#8216;Escape master&#8217; who broke out of multiple European prisons arrested\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920771-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920771\" data-cid=\"9890087\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920771-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/00\/87\/189x106_cmsv2_fcb384ee-b950-5a4d-a260-2194da1e15c3-9890087.jpg\" loading=\"lazy\" alt=\"Norway&apos;s Prime Minister Jonas Gahr St\u00f8re, right, and European Council President Antonio Costa attend a news conference in Oslo, Norway, Thursday, Feb. 19, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    If Iceland joins the EU, where does that leave Norway?\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2920252-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2920252\" data-cid=\"9887182\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920252-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/71\/82\/189x106_cmsv2_371059a1-9410-5193-8776-1ae7ca74b04a-9887182.jpg\" loading=\"lazy\" alt=\"A Meta data center in Dublin, Ireland.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Ireland keeps nuclear door open as data centre energy demand surges\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Economy<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Warsh&#8217;s first Jackson Hole: Bond yields, a Treasury rescue and sticky inflation<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-controller=\"video-player\" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/1536x864_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Federal Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve in Washington, Wednesday, July 29, 2026. (AP Photo\/Mark Schiefelbein)\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Federal Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve in Washington, Wednesday, July 29, 2026. (AP Photo\/Mark Schiefelbein)<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">Copyright 2026 The Associated Press. All rights reserved.<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0Copyright 2026 The Associated Press. All rights reserved.\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspPiero Cingari&amp;nbsp&amp;&amp;nbspQuirino Mealha\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1787753591\">\n                    Published on                 <time datetime=\"2026-08-26 16:13:11 +02:00\">26\/08\/2026 &#8211; 16:13 GMT+2<\/time><span class=\"c-article-publication-date__bullet\">\u2022<\/span>Updated<br \/>\n                                     <time datetime=\"16:24\">16:24<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span 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class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole address on Friday with long-term borrowing costs elevated, inflation above target and the US Treasury already intervening in bond markets to do what monetary policy has not.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>The most closely watched speech in central banking arrives at an awkward moment for the man giving it.<\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>Federal Reserve Chair Kevin Warsh takes the podium in Wyoming on Friday morning with government borrowing costs high, inflation stalled well above target and US Treasury Secretary Scott Bessent already stepping into the bond market to hold yields down.<\/p>\n<p>The symposium itself explains why this matters. Hosted by the Federal Reserve Bank of Kansas City since 1978 and held at Jackson Lake Lodge in Grand Teton National Park since 1982, it gathers roughly 120 central bankers, academics and policymakers from more than 70 countries for three days of papers and panels. <\/p>\n<p>This year&#8217;s theme is &#8220;Financial Innovation: Implications for Payments and Policy&#8221;. Its significance is one of timing, as the event always falls between scheduled Fed meetings, making Warsh&#8217;s Friday keynote one of the few moments when policy direction can be signalled outside a formal decision.<\/p>\n<p>The Fed Chair has been unambiguous about the destination. <\/p>\n<p>&#8220;There is no soft inflation target,&#8221; he has said. &#8220;There&#8217;s only a target, and it&#8217;s 2%.&#8221; <\/p>\n<p>What he has not offered is a route as five internal task forces are currently reviewing how the Fed operates, including one on communications, and Warsh has so far avoided the forward guidance his predecessors used freely.<\/p>\n<div class=\"widget widget--type-image widget--size-fullwidth widget--animation-fade-in widget--align-center\" data-ratio=\"0.6665\">\n<div class=\"widget__wrapper\">\n<div class=\"widget__ratio widget__ratio--auto\">\n<div class=\"widget__contents\">\n<figure class=\"widget__figure\"><img decoding=\"async\" class=\"widgetImage__image\" loading=\"lazy\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/808x539_cmsv2_a04b52bb-43a1-56ee-a5e0-fc1e1c468744-9888465.jpg\" alt=\"FILE. Federal Reserve Chairman Kevin Warsh arrives to appear before the House Financial Services Committee on Capitol Hill, 14 July 2026\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">FILE. Federal Reserve Chairman Kevin Warsh arrives to appear before the House Financial Services Committee on Capitol Hill, 14 July 2026<\/span><span class=\"widget__captionCredit\">AP Photo\/Mark Schiefelbein<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Wednesday&#8217;s data gave him little cover. <\/p>\n<p>The personal consumption expenditures index, the Fed&#8217;s preferred gauge, rose 0.2% in July against expectations of 0.1%, leaving the annual rate at 3.7% rather than easing to the 3.6% forecast. <\/p>\n<p>Core prices rose 0.2% on the month and 3.3% over the year, both in line, but that keeps core inflation above the 2% target for a 65th consecutive month. Consumer prices rose 3.4% in the year to July.<\/p>\n<p>The Federal Open Market Committee held rates at 3.50% to 3.75% in July, but three regional Fed presidents dissented in favour of a quarter-point increase, the most dissents in one direction since September 2016. <\/p>\n<p>Markets have since moved the other way. <\/p>\n<p>CME&#8217;s FedWatch tool puts the probability of a September hike at around 40%, down from roughly 55% a month ago. Investors are pricing less restriction than the committee&#8217;s hawks are demanding, and that gap is what Friday&#8217;s speech has to address.<\/p>\n<h2>The bond market is the real test<\/h2>\n<p>The pressure point is at the long end of the curve. <\/p>\n<p>US national debt has passed $40 trillion, and yields on 10 and 30-year Treasuries have climbed sharply, pushing up borrowing costs across the economy.<\/p>\n<p>That forced the US Treasury to act. <\/p>\n<p>Treasury Secretary Scott Bessent announced plans to at least double buybacks of 10 to 30-year bonds, from $2 billion to $4 billion per operation, reducing the supply of long-dated paper to support prices and pull yields lower. <\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">US debt tops $40 trillion as Treasury doubles bond buybacks to calm markets<\/li>\n<li class=\"c-widget-related__item\">Bessent vows bigger buybacks after bond yields erased the US Treasury&#8217;s relief rally<\/li>\n<\/ul>\n<\/div>\n<p>The market was unconvinced as yields subsequently rose back above where they stood before the announcement which prompted Bessent to immediately state publicly that the US Treasury is ready to intervene with much higher amounts, which he purposely left undefined. <\/p>\n<p>That creates an unusual tension as the US Treasury is intervening to suppress long-term yields at precisely the moment the Fed chair appears content to let market forces do the tightening work.<\/p>\n<h2>The debasement trade<\/h2>\n<p>When investors suspect a government cannot manage its debts without allowing inflation to erode them, they buy assets that cannot be created at will. Markets call it the debasement trade, and it is having an exceptional run this month.<\/p>\n<p>Gold has gained roughly 15% so far in August and, with only days of trading left, is on track for its strongest month since 1999. It traded near $4,713 an ounce on Tuesday, a three-month high. <\/p>\n<p>Bitcoin is up over 25% this month, its best in around two years, pushing above $80,000.<\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">Bitcoin surges over 25% as shorts get squeezed and Washington leans into crypto<\/li>\n<li class=\"c-widget-related__item\">Gold and silver surge in August as mounting US debt fears rattle markets<\/li>\n<\/ul>\n<\/div>\n<p>The dollar has moved the other way, with the index measuring it against six major peers heading for a third consecutive monthly loss.<\/p>\n<p>Hard assets rising, the currency falling and long-term borrowing costs stubbornly high point in the same direction. If Warsh reads market prices as information, as he has suggested he does, the message is that policy is too loose.<\/p>\n<h2>Europe&#8217;s stake in Wyoming<\/h2>\n<p>The ECB will also be represented on the ground at Jackson Hole.<\/p>\n<p>Executive board member Isabel Schnabel takes part in a panel discussion at the symposium on Friday at 17:55 CET, addressing the payments and financial innovation theme rather than the immediate policy outlook.<\/p>\n<p>The transatlantic timing matters more than the panel. <\/p>\n<p>The ECB publishes the account of its 22 to 23 July meeting on Thursday, and its next rate decision falls on 10 September, days before the Fed&#8217;s own September meeting. <\/p>\n<p>A hawkish signal from Warsh would strengthen the dollar and tighten global financial conditions, complicating the calculation in Frankfurt, where policymakers are already managing energy-driven inflation and now face food price pressure building into 2027.<\/p>\n<p>Either way, Friday is no longer a routine central banking speech. It is a test of whether the Fed can persuade markets that 2% remains a genuine destination, and that it has a credible way of getting there.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2920444-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920444\" data-cid=\"9888194\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920444-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/67\/91\/77\/480x270_cmsv2_79a3343f-9267-5436-b8f4-5edb5b16646a-9679177.jpg\" loading=\"lazy\" alt=\"Brussels and Beijing started last June trade talks.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Exclusive: EU officials to travel to China as October deadline looms<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920419-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2920419\" data-cid=\"9888091\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920419-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/85\/94\/60\/480x270_cmsv2_c48954a8-b9eb-5c75-a0b2-8ab6eaec878f-9859460.jpg\" loading=\"lazy\" alt=\"FILE: Cargo ships are seen at sea near the Strait of Hormuz, as viewed from a rocky shoreline near Khor Fakkan, UAE, 1 May 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Qatar<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Qatar pushes to revive US-Iran talks and reopen Hormuz<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920365-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2920365\" data-cid=\"9887794\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920365-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/77\/94\/480x270_cmsv2_595c346f-1607-519c-8a79-07f8a641e272-9887794.jpg\" loading=\"lazy\" alt=\"File - A man works on fans at an EBM-Papst plant in Hollenbach, Germany, Tuesday, 4. February 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    German economy grows faster than estimated as exports rebound<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Interest rates<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Gold<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Kevin Warsh<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Bitcoin<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Inflation<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920630-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920630\" data-cid=\"9889109\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920630-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/91\/09\/320x180_cmsv2_f6a22ab6-e441-5268-be33-809332ec40cb-9889109.jpg\" loading=\"lazy\" alt=\"FILE. People gather in the Nvidia booth at the Mobile World Congress mobile phone trade show in Barcelona, Spain, Feb. 2014\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia earnings preview: The report the entire market is waiting on<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920663-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920663\" data-cid=\"9889326\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920663-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/93\/26\/320x180_cmsv2_900ddd9b-02e4-51f0-a05c-ed29855e99c4-9889326.jpg\" loading=\"lazy\" alt=\"File - Wind turbines are seen as the sun rises over the northern Dutch port of Eemshaven, Netherlands, Monday 21 Jan., 2019. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Netherlands may not have enough gas for a harsh winter, Gasunie warns<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920621-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920621\" data-cid=\"9889065\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920621-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/79\/71\/84\/320x180_cmsv2_cd63eae8-784d-5400-b338-83f9ba3b8a81-9797184.jpg\" loading=\"lazy\" alt=\"FILE - Dario Amodei, CEO and co-founder of Anthropic, attends the annual meeting of the World Economic Forum in Davos, Switzerland, 23 Jan. 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic IPO: Five things to know before its Wall Street debut<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920452-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920452\" data-cid=\"9888239\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920452-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/82\/39\/320x180_cmsv2_7da615d9-ccc9-536c-a248-ae1f91c6d72e-9888239.jpg\" loading=\"lazy\" alt=\"File - Wind turbines turn beside BP\u2019s Scholven refinery in Gelsenkirchen, Germany, on 22 October 2022. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe\u2019s gas prices are surging. Who will be the first to pay more?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2920624-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920624\" data-cid=\"9889737\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920624-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/90\/90\/320x180_cmsv2_1058657f-88a6-503d-835f-ce40a76075cc-9889090.jpg\" loading=\"lazy\" alt=\"A Waymo vehicle in San Bruno, California, 30 September 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    After Uber, Waymo to launch the EU&#8217;s first robotaxis in Munich<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-ad-wrapper o-article-newsy__aside__content-2\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-most-viewed\">\n<h2 class=\"c-most-viewed__title qa-section-title\">Most read<\/h2>\n<div class=\"c-most-viewed__list\">\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">1<\/span><\/p>\n<article id=\"abe-2920452-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920452\" data-cid=\"9888239\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe\u2019s gas prices are surging. Who will be the first to pay more?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">2<\/span><\/p>\n<article id=\"abe-2920353-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920353\" data-cid=\"9887957\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Luxottica founder&#8217;s son resigns, says company has lost its soul<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">3<\/span><\/p>\n<article id=\"abe-2920630-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920630\" data-cid=\"9889109\" data-part-label=\"Partner content\">\n<div 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src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/article>\n<article id=\"abe-2920444-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2920444\" data-cid=\"9888194\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920444-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/67\/91\/77\/480x270_cmsv2_79a3343f-9267-5436-b8f4-5edb5b16646a-9679177.jpg\" loading=\"lazy\" alt=\"Brussels and Beijing started last June trade talks.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Exclusive: EU officials to travel to China as October deadline looms<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920419-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2920419\" data-cid=\"9888091\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920419-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/85\/94\/60\/480x270_cmsv2_c48954a8-b9eb-5c75-a0b2-8ab6eaec878f-9859460.jpg\" loading=\"lazy\" alt=\"FILE: Cargo ships are seen at sea near the Strait of Hormuz, as viewed from a rocky shoreline near Khor Fakkan, UAE, 1 May 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Qatar<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Qatar pushes to revive US-Iran talks and reopen Hormuz<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920365-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2920365\" data-cid=\"9887794\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920365-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/77\/94\/480x270_cmsv2_595c346f-1607-519c-8a79-07f8a641e272-9887794.jpg\" loading=\"lazy\" alt=\"File - A man works on fans at an EBM-Papst plant in Hollenbach, Germany, Tuesday, 4. February 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    German economy grows faster than estimated as exports rebound<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920630-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920630\" data-cid=\"9889109\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920630-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/91\/09\/320x180_cmsv2_f6a22ab6-e441-5268-be33-809332ec40cb-9889109.jpg\" loading=\"lazy\" alt=\"FILE. People gather in the Nvidia booth at the Mobile World Congress mobile phone trade show in Barcelona, Spain, Feb. 2014\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia earnings preview: The report the entire market is waiting on<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920663-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920663\" data-cid=\"9889326\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920663-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/93\/26\/320x180_cmsv2_900ddd9b-02e4-51f0-a05c-ed29855e99c4-9889326.jpg\" loading=\"lazy\" alt=\"File - Wind turbines are seen as the sun rises over the northern Dutch port of Eemshaven, Netherlands, Monday 21 Jan., 2019. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Netherlands may not have enough gas for a harsh winter, Gasunie warns<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920621-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920621\" data-cid=\"9889065\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920621-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/79\/71\/84\/320x180_cmsv2_cd63eae8-784d-5400-b338-83f9ba3b8a81-9797184.jpg\" loading=\"lazy\" alt=\"FILE - Dario Amodei, CEO and co-founder of Anthropic, attends the annual meeting of the World Economic Forum in Davos, Switzerland, 23 Jan. 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Anthropic IPO: Five things to know before its Wall Street debut<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920452-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920452\" data-cid=\"9888239\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920452-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/82\/39\/320x180_cmsv2_7da615d9-ccc9-536c-a248-ae1f91c6d72e-9888239.jpg\" loading=\"lazy\" alt=\"File - Wind turbines turn beside BP\u2019s Scholven refinery in Gelsenkirchen, Germany, on 22 October 2022. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe\u2019s gas prices are surging. Who will be the first to pay more?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920624-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2920624\" data-cid=\"9889737\" data-part-label=\"Partner content\">\n<figure id=\"abe-2920624-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/90\/90\/320x180_cmsv2_1058657f-88a6-503d-835f-ce40a76075cc-9889090.jpg\" loading=\"lazy\" alt=\"A Waymo vehicle in San Bruno, California, 30 September 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    After Uber, Waymo to launch the EU&#8217;s first robotaxis in Munich<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920452-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920452\" data-cid=\"9888239\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe\u2019s gas prices are surging. Who will be the first to pay more?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920353-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920353\" data-cid=\"9887957\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Luxottica founder&#8217;s son resigns, says company has lost its soul<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920630-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920630\" data-cid=\"9889109\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nvidia earnings preview: The report the entire market is waiting on<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2918934-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2918934\" data-cid=\"9885808\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Spanish workers spend the equivalent of 231 days paying taxes, study says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920151-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2920151\" data-cid=\"9886947\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    UK firm running Portugal&#8217;s largest solar plant files for insolvency<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">The most closely watched speech in central banking arrives at an awkward moment for the man giving it.Federal Reserve Chair Kevin Warsh takes the podium in Wyoming on Friday morning with government borrowing costs high, inflation stalled well above target and US Treasury Secretary Scott Bessent already stepping into the bond market to hold yields down.The symposium itself explains why this matters. Hosted by the Federal Reserve Bank of Kansas City since 1978 and held at Jackson Lake Lodge in Grand Teton National Park since 1982, it gathers roughly 120 central bankers, academics and policymakers from more than 70 countries for three days of papers and panels.This year&#8217;s theme is &#8220;Financial Innovation: Implications for Payments and Policy&#8221;. Its significance is one of timing, as the event always falls between scheduled Fed meetings, making Warsh&#8217;s Friday keynote one of the few moments when policy direction can be signalled outside a formal decision.The Fed Chair has been unambiguous about the destination.&#8221;There is no soft inflation target,&#8221; he has said. &#8220;There&#8217;s only a target, and it&#8217;s 2%.&#8221;What he has not offered is a route as five internal task forces are currently reviewing how the Fed operates, including one on communications, and Warsh has so far avoided the forward guidance his predecessors used freely.Wednesday&#8217;s data gave him little cover.The personal consumption expenditures index, the Fed&#8217;s preferred gauge, rose 0.2% in July against expectations of 0.1%, leaving the annual rate at 3.7% rather than easing to the 3.6% forecast.Core prices rose 0.2% on the month and 3.3% over the year, both in line, but that keeps core inflation above the 2% target for a 65th consecutive month. Consumer prices rose 3.4% in the year to July.The Federal Open Market Committee held rates at 3.50% to 3.75% in July, but three regional Fed presidents dissented in favour of a quarter-point increase, the most dissents in one direction since September 2016.Markets have since moved the other way.CME&#8217;s FedWatch tool puts the probability of a September hike at around 40%, down from roughly 55% a month ago. Investors are pricing less restriction than the committee&#8217;s hawks are demanding, and that gap is what Friday&#8217;s speech has to address.The bond market is the real testThe pressure point is at the long end of the curve.US national debt has passed $40 trillion, and yields on 10 and 30-year Treasuries have climbed sharply, pushing up borrowing costs across the economy.That forced the US Treasury to act.Treasury Secretary Scott Bessent announced plans to at least double buybacks of 10 to 30-year bonds, from $2 billion to $4 billion per operation, reducing the supply of long-dated paper to support prices and pull yields lower.The market was unconvinced as yields subsequently rose back above where they stood before the announcement which prompted Bessent to immediately state publicly that the US Treasury is ready to intervene with much higher amounts, which he purposely left undefined.That creates an unusual tension as the US Treasury is intervening to suppress long-term yields at precisely the moment the Fed chair appears content to let market forces do the tightening work.The debasement tradeWhen investors suspect a government cannot manage its debts without allowing inflation to erode them, they buy assets that cannot be created at will. Markets call it the debasement trade, and it is having an exceptional run this month.Gold has gained roughly 15% so far in August and, with only days of trading left, is on track for its strongest month since 1999. It traded near $4,713 an ounce on Tuesday, a three-month high.Bitcoin is up over 25% this month, its best in around two years, pushing above $80,000.The dollar has moved the other way, with the index measuring it against six major peers heading for a third consecutive monthly loss.Hard assets rising, the currency falling and long-term borrowing costs stubbornly high point in the same direction. If Warsh reads market prices as information, as he has suggested he does, the message is that policy is too loose.Europe&#8217;s stake in WyomingThe ECB will also be represented on the ground at Jackson Hole.Executive board member Isabel Schnabel takes part in a panel discussion at the symposium on Friday at 17:55 CET, addressing the payments and financial innovation theme rather than the immediate policy outlook.The transatlantic timing matters more than the panel.The ECB publishes the account of its 22 to 23 July meeting on Thursday, and its next rate decision falls on 10 September, days before the Fed&#8217;s own September meeting.A hawkish signal from Warsh would strengthen the dollar and tighten global financial conditions, complicating the calculation in Frankfurt, where policymakers are already managing energy-driven inflation and now face food price pressure building into 2027.Either way, Friday is no longer a routine central banking speech. It is a test of whether the Fed can persuade markets that 2% remains a genuine destination, and that it has a credible way of getting there.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/08\/26\/warshs-first-jackson-hole-bond-yields-a-treasury-rescue-and-inflation-that-refuses-to-fall&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/84\/65\/1200x675_cmsv2_b43bd7f7-f9e7-5aba-8d11-5a7a310c8060-9888465.jpg&#8221;] Culture news Study: Istanbul residents shun culture and arts with high ticket prices main barrier Europe News &#8216;Escape master&#8217; who broke out of multiple European prisons arrested Europe News If Iceland joins the EU, where does that leave Norway? Europe News Ireland keeps nuclear door open as data centre energy demand surges [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2112775","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2112775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2112775"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2112775\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2112775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2112775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2112775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}