Morning Brief: Focus on Warsh’s Speech at Jackson Hole; BoJ Got the Inflation Signal It Needed To Hike; Focus on French Credit Rating Update
Find here our morning brief which compiled the main macro news — released on Twitter — concerning Americas, Asia and Europe.
Americas
Markets
CNBC: Tech's gain was the largest on a day when it was the market’s lone positive sector in records going back to 2006. https://t.co/7ytKtf1Yjw pic.twitter.com/JV7mvpBKP6
— Neil Sethi NEW account, please refollow (@neilsethinew) August 27, 2026
After a very strong 2-year Treasury auction Tuesday and a solid if slightly softer 5-year Wednesday, today’s $44B sale of 7-year notes continued the pattern with a perfectly acceptable if unspectacular auction.
— Neil Sethi NEW account, please refollow (@neilsethinew) August 27, 2026
The clearing yield was 4.512%, the highest since early 2025, up from… https://t.co/4x64oAlldN pic.twitter.com/qnyPZbtZdX
*Focus on AI
⚠️AI's OFF-balance-sheet financing web keeps getting more complex:
— Global Markets Investor (@GlobalMktObserv) August 27, 2026
In Broadcom's, $AVGO, $35 billion chip-lease deal, Google builds the tensor processing units, Broadcom co-designs and sells the finished chips, and a special purpose vehicle (SPV) buys them using debt to lease… pic.twitter.com/yy2nQTjQBw
Anthropic Considers Letting Shareholders Sell In IPO, Departing From SpaceX Playbook – @theinformation https://t.co/VeZTBwEhiZ
— LiveSquawk (@LiveSquawk) August 27, 2026
Economic Indicators and Prospects
Initial jobless claims down to 203k vs. 208k est. & 207k prior (rev up from 206k); continuing claims 1.778M vs. 1.792M est. & 1.796M prior (rev down from 1.799M) … greatest increases in KY (+518), OH (+342), & UT (+74k); greatest decreases in MI (-2.5k), CA (-1.4k), & SC (-1.1k) pic.twitter.com/ZgHwCjBttc
— Liz Ann Sonders (@LizAnnSonders) August 27, 2026
US Wholesale Inventories (M/M) July P: 1.3% (est 0.2%; prev 0.2%; prev R 0.3%)
— LiveSquawk (@LiveSquawk) August 27, 2026
– Retail Inventories (M/M): 0.7% (est 0.2%; prev 0.0%)
Monetary Policy
A chorus of investors is urging Federal Reserve Chairman Kevin Warsh to provide a strong rebuke of high inflation to boost the long end of the Treasury market https://t.co/WLEnhHgwQu
— Bloomberg (@business) August 28, 2026
The Fed is divided over whether policy is tight enough and now comes a new complication: what if Bessent's push on bond yields works? Lower long-term yields would ease financial conditions right as the Fed may not want that.
— Nick Timiraos (@NickTimiraos) August 27, 2026
Debt management has always been Treasury's job. Using…
Fiscal Policy
What crowding out looks like: Treasury + IG issuance (hyperscaler debt) net of QE/buybacks, about to be the highest on record, surpassing even crisis years 2020/2021 pic.twitter.com/ofUyagAdia
— zerohedge (@zerohedge) August 27, 2026
Trade, Politics and Geopolitics
#OOTT | Venezuela Weighs OPEC Exit After Decades As It Deepens US Ties – BBGhttps://t.co/HHfE51Atm2
— LiveSquawk (@LiveSquawk) August 27, 2026
US dependence on Chinese critical minerals is so deep that if Beijing plays games, even Patriot missile lines can't guarantee their tungsten supply.
— JH (@CRUDEOIL231) August 27, 2026
We already got a preview back on Liberation Day 2025 of how Beijing can weaponize all of this. If Washington is actually serious… https://t.co/MlrCQ7QYuS pic.twitter.com/7egv4B3ooC
US Patriot Missile Stocks In Europe Are ‘Beyond Critical’ Due To Iran War – APhttps://t.co/ORJ9GXaDeC
— LiveSquawk (@LiveSquawk) August 28, 2026
Trump To @axios: I'm Not Worried Russia Will Attack NATOhttps://t.co/ZDhPJiWnCo
— LiveSquawk (@LiveSquawk) August 27, 2026
Focus on Middle East conflict
Iran Talks Sputter As Trump Spurns A Return To His June Deal – @WSJ https://t.co/650LjuzC7H
— LiveSquawk (@LiveSquawk) August 27, 2026
Iran, Oman agree to open temporary Strait of Hormuz shipping corridor; may help break US‑Iran stalemate
— CN Wire (@Sino_Market) August 28, 2026
On Thursday evening Supreme National Security Council secretary Rezaei said in an Al‑Manar TV interview that Iran and Oman have agreed to open a temporary shipping corridor…
Asia/Middle East
Markets
Economic Indicators and Prospects
Monetary Policy
🇨🇳PBOC reverse repos net drain 245.5 bln yuan today; net weekly injection 1.2265 tln yuan
— CN Wire (@Sino_Market) August 28, 2026
The PBOC conducted 20.0 bln yuan of 7-day reverse repos and 333.0 bln yuan of overnight reverse repos; with 95.0 bln yuan of 7-day and 503.5 bln yuan of overnight reverse repos maturing, the…
Former RBI Governor Raghuram Rajan tells Bloomberg’s @haslindatv the Federal Reserve should raise interest rates to rein in accelerating inflation. Rajan is serving on a task force set up to examine the US central bank: https://t.co/5gfdFmUzyK pic.twitter.com/NVFrQ6yLcf
— Bloomberg (@business) August 28, 2026
Fiscal Policy
🌎 Globalization is often discussed through the lens of tariffs and trade wars but the latest OECD data points that global competition is increasingly between companies backed by states.
— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) August 27, 2026
📊 In 2024, subsidies received by the large industrial firms tracked by the OECD reached… pic.twitter.com/ljOJuWObxT
🇨🇳 #CHINA SEEKS PUBLIC OPINION ON DRAFT LOCAL SURTAX LAW: XINHUA
— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) August 28, 2026
Trade, Politics and Geopolitics
South Korea backs Trump’s North Korea talks, but warns against being sidelined https://t.co/R2OUXSuFzx
— South China Morning Post (@SCMPNews) August 28, 2026
Europe
Markets
Economic Indicators and Prospects
France Consumer Spending (M/M) Jul: 0.5% (est 0.0%; prev 0.4%; prev R 0.6%)
— LiveSquawk (@LiveSquawk) August 28, 2026
– Consumer Spending (Y/Y): 1.4% (prev 0.1%; prev R 0.6%)
France’s economy unexpectedly failed to grow in the first half, only narrowly avoiding recession and undermining the government’s effort to get a grip on public finances https://t.co/If5dwo2ejn via @WHorobin pic.twitter.com/7BueOfaROz
— Zoe Schneeweiss (@ZSchneeweiss) August 28, 2026
🇪🇸 #SPAIN PRELIM AUG. HARMONIZED CPI RISES 4.5% Y/Y; EST. +4.6% – BBG
— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) August 28, 2026
*SPAIN PRELIM AUG. HARMONIZED CPI RISES 4.5% Y/Y; EST. +4.6%
Spanish inflation surges beyond 4% as France’s also quickens https://t.co/LL95RasLRj via @WHorobin pic.twitter.com/gcy8weZEX5
— Zoe Schneeweiss (@ZSchneeweiss) August 28, 2026
Germany Unemployment Change Aug: 4.0K (est 4.8K; prev 6.0K)
— LiveSquawk (@LiveSquawk) August 28, 2026
– Unemployment Claims Rate SA: 6.4% (est 6.4%; prev 6.4%)
Germany Import Price Index (M/M) Jul: 0.2% (est 0.3%; prev -0.7%)
— LiveSquawk (@LiveSquawk) August 28, 2026
– Import Price Index (Y/Y): 6.8% (est 6.9%; prev 6.1%)
Italy Industrial Sales (M/M) June: -1.0% (prev 0.6%)
— LiveSquawk (@LiveSquawk) August 28, 2026
– Industrial Sales WDA (Y/Y): 3.1% (prev 5.3%)
Monetary Policy
Fiscal Policy
Chancellor Healey says UK fiscal discipline is the ‘bedrock’ of the Labour government https://t.co/KQwVXsgw5C via @Hariboconomics @LucyGJWhite pic.twitter.com/baTYoCGf5m
— Zoe Schneeweiss (@ZSchneeweiss) August 28, 2026
Energy
Trade, Politics and Geopolitics
Meloni party official floats alliance with Italy far-right group https://t.co/JYd3FuL1HA via @donatopmancini pic.twitter.com/leOfRR7KkC
— Zoe Schneeweiss (@ZSchneeweiss) August 28, 2026
Other Areas And Global Economy
The world's major central banks have finally unwound most of their pandemic-era balance sheet growth:
— The Kobeissi Letter (@KobeissiLetter) August 27, 2026
The Federal Reserve’s total assets as a % of US GDP are down to 21%, the lowest percentage since the 2020 pandemic.
By comparison, the peak was recorded in 2021 at ~37%.
At… pic.twitter.com/vo6LMeqRPp
*Note: Previous briefs can be found here