Warsh's first Jackson Hole speech reads as hawkish; S&P 500 slips 0.25%
Fed Chair Kevin Warsh gave his first Jackson Hole keynote on August 28, 2026 and called the inflation numbers more concerning, putting price stability first. Short-term Treasury yields rose and CME FedWatch odds of a quarter-point hike at the September meeting climbed to 57%. The S&P 500 closed down 0.25% at 7,711.76 and the Nasdaq Composite fell 0.52%.
- S&P 500: down 19.23 points (0.25%) to 7,711.76
- Nasdaq Composite: down 0.52% to 26,402.42; Dow down 0.02%
- September hike odds (CME FedWatch): 57%
- Short-term yields up; Warsh called inflation numbers 'more concerning'
SPX around the story · hourly24 h reaction ▲ 0.09%
Moves this explains
XAU−2.85%Aug 27 · Fell about 2.9% after Fed Chair Kevin Warsh's first Jackson Hole speech sounded hawkish and revived expectations of a September rate hike. The dollar index rose nearly 1% and Treasury yields climbed, both of which weigh on gold.COIN−6.63%Aug 27 · Hawkish Fed signal hit precious metals and crypto: Warsh's first Jackson Hole speech was read as hawkish and silver fell 3.76% (XAU -2.85%), while BTC fell 2.99%, MSTR 7.96% and COIN 6.63%. SPX slipped only 0.13%, so the drop was concentrated in rate-sensitive assets and crypto.MSTR−7.96%Aug 27 · Fell 8.0% after Fed Chair Warsh's Jackson Hole remarks were read as hawkish, with silver -3.8%, gold -2.9%, Bitcoin -3.0%, Ether -2.7%, Coinbase -6.6% and Robinhood -5.1%, while the S&P 500 was roughly flat (-0.1%). Two reports on the speech, dated the same day, are the most direct explanation for the rates-sensitive move.Source
Xinhua (via The Star)Aug 28, 2026