This content was published on
August 28, 2026 - 16:09
3 minutes
(Bloomberg) — Wall Street traders sent short-term yields higher and stocks wavered after Federal Reserve Chair Kevin Warsh said inflation isn’t slowing and vowed to hit the 2% target.The yield on two-year Treasuries advanced four basis points to 4.27%. The S&P 500 was little changed while still heading toward a gain for the week. The dollar rose.“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. That’s our job,” Warsh said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday.Warsh’s highly anticipated remarks came amid criticism of his pared-back communications strategy that economists and market participants said lacks clarity on the near-term outlook for the economy and monetary policy. His remarks appeared to address those concerns, going further than he has before in providing his views on the economy and the Fed’s policy priorities under his leadership.Fed officials kept interest rates steady in July, though policymakers are divided over the appropriate stance for policy. Three voting members of the Federal Open Market Committee dissented at that gathering in favor of a quarter-point hike. At least two other non-voting members have expressed their support for tighter monetary policy as a debate emerges on how much the current rate stance is restraining the economy.Corporate Highlights:A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of fintech pioneer PayPal Holdings Inc., a potential deal that would have ranked as one of the biggest-ever leveraged buyouts, according to people familiar with the matter. Gap Inc. named a retail industry veteran to head Old Navy while profit outpaced estimates, offsetting a sales decline at the value chain and lower sales guidance. Eli Lilly & Co.’s blockbuster diabetes drug Mounjaro won US approval to reduce the risk of serious cardiovascular problems, broadening the medicine’s reach beyond controlling blood sugar and strengthening its position in the increasingly competitive market for GLP-1 drugs. Chevron Corp. and other US energy companies are close to finalizing deals to invest billions of dollars to help rebuild Venezuela’s oil fields, according the Wall Street Journal. BioNTech SE and Roche Holding AG abandoned a trial of a personalized cancer vaccine, dashing hopes that had been raised by a rival drugmaker’s recent success in the same field. Some of the main moves in markets:StocksThe S&P 500 was little changed as of 10:05 a.m. New York time The Nasdaq 100 fell 0.2% The Dow Jones Industrial Average rose 0.2% The Stoxx Europe 600 rose 0.4% The MSCI World Index was little changed Philadelphia Stock Exchange Semiconductor Index fell 1.4% Marvell Technology fell 7.5% CurrenciesThe Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.3% to $1.1616 The British pound fell 0.3% to $1.3553 The Japanese yen fell 0.2% to 159.74 per dollar CryptocurrenciesBitcoin fell 1.6% to $78,827.01 Ether fell 0.8% to $2,488.4 BondsThe yield on 10-year Treasuries was little changed at 4.68% Germany’s 10-year yield was little changed at 3.26% Britain’s 10-year yield advanced one basis point to 5.04% CommoditiesWest Texas Intermediate crude fell 1.4% to $82.38 a barrel Spot gold fell 0.8% to $4,561.35 an ounce ©2026 Bloomberg L.P.
