美联储主席沃什今日杰克逊霍尔讲话，投资者期待通胀政策信号

Bloomberg Audio Studios podcasts, radio, news. This is the Bloomberg Daybreak HUT podcast. Good morning. It's Friday the 28th of August. I'm Caroline Hepka in London

and I'm Steven Carroll in Brussels. Coming up today, investors want a clear message from the Federal Reserve's Kevin Worsh on inflation. But will they get it? France's first presidential election debate descends into bickering over the country's swelling debt. Plus, soccer meets football. What the tide of American investment means for the sport in the UK.

Let's start with a roundup of our top stories.

Investors are urging the Federal Reserve chief Kevin Worsh to take a stronger line on inflation in his speech at Jackson Hole later today. Wall Street analysts including from JP Morgan and Morgan Stanley say more clarity from the Fed chair could help to calm the US bond market. Apollo's Torston Sllock says investors need to hear more about how Wars sees the economy. The risk is that if he does not give any framework guidance the risk is that that will involve a much higher move in long rates because long rates need some more clarity around what are the reaction functions for the FMC?

What are the frameworks that they're using? Are they going to tighten policy through rate hikes, through the balance sheet, through tighter financial conditions? Does he think the move on rates is enough to slow inflation down?

Apollo's chief economist added that Warsia's evasive communication style has so far baffled investors. The yield on 30-year Treasury surged to its highest level since 2007 after Worsh's last press conference. Any downwards move would help Treasury Secretary Scott Besson's mission to stop a sell-off in longerdated debt. Walsh's speech comes as views diverge among Fed officials at Jackson Hull on the need for higher rates.

The Fed's Chicago President Austin Goulby says that he's happy to wait for more evidence.

I need evidence that inflation that that that this inflation shock is is not going to be persistent. Uh, and I'm okay with waiting as as we're getting that, but if the evidence starts coming back, especially on services, that it's high, it's going the wrong way, we're not making progress, then I'm going to be nervous.

Goulsby there speaking to Bloomberg's OddLots podcast at Jackson Hole. Meanwhile, Kansas City Fed President Jeff Schmidt fears interest rates aren't doing enough to restrain the US economy. You've got a half of the people that say, "Well, it's certainly not uh restrictive." Um it it seems like it might be close to about right, but for me, um you know, I I think it may be accommodative on the short end.

Both Schmidt and Goulsby signal that they're open to Walsh's proposal to cut the number of Fed policy meetings from eight down to six per year. Now you can hear Fed Chair Kevin Walsh's speech live in a special edition of Bloomberg Surveillance on Bloomberg Radio beginning at 9:00 a.m. on Wall Street. That's 2 p.m. in London.

France's first presidential election debate was dominated by how to deal with the country's swelling debt. After the three-hour event, the seven contenders agreed on the urgency of narrowing the runaway budget deficit. During the debate broadcast on French channel Lce, Farright Leader Marin Le Pen outlined her party's plans. We will present just before the budgetary debate. We will present our trajectory to reestablish the public finances with €125 million in savings.

Why? Not because it makes me happy, but because it is absolutely necessary to do it.

Marin Lean speaking on say meanwhile the former prime minister Edoar Philip suggested a change to the parliamentary rules. It's true. I have proposed something akin to a golden rule given the disorder that we have seen in the national assembly. I proposed a rule that forces parliament to respect this balance of public finances.

Philip speaking there. The end of President Emanuel Macron's decade in power next May is creating uncertainty over how France's economic and fiscal policy will change. The yield premium on France's 10-year bonds over their German equivalents has widened to around 85 basis points from less than 60 at the start of 2026. Nvidia added more than 440 billion dollars to its market value in the second biggest one-day gain in stock history.

The move follows a robust revenue forecast from Nvidia guidance that implies more than hundred billion dollars of potential upside to current estimates. Here's Bloomberg's market reporter Anthony Stevens.

At the moment, what Nvidia is saying is we are making so much cash that you should be looking at our valuations. And we had investors of the kind of diversity of Bank of America all the way to Michael Bur say that Nvidia might be the new way to play the AI boom in a safe manner and a risk adjusted manner in the second half and that sucked the wind out of the rest of the tech space.

Our markets reporter Anthony Stevens. It comes as the Wall Street Journal reports that Nvidia paused some of its revenue sharing deals with AI cloud companies after some employees expressed potential antirust concerns. Nvidia is facing growing scrutiny over the use of its balance sheet to support projects that create demand for its own chips. A San Francisco judge has ruled that the Trump administration must lift its ban on anthropics AI technology for federal agencies.

The judge found the ban wasn't adequately justified and was based on a quote desire to make a public example out of Anthropic for its arrogance in criticizing the government. Anthropic has said it welcomed the court's ruling after the Department of Defense had previously labeled the firm a risk to the US supply chain. The clawed chatbot maker added that it remains focused on working productively with the US government to harness AI for national security.

The trade war between the US and Canada has produced a new executive order from President Trump renaming Lake Ontario Lake America.

We're going to be changing the name of Lake Ontario effective immediately to Lake America. That's going to take place right now as I sign the order. That was President Trump speaking from the Oval Office where he told reporters that Canada has been quote ripping us off for a long time on trade. Leaders in both Canada and the US have rebuffed the change. Prime Minister Mark Carney said the name on uh Ontario has indigenous roots and predates Canada's confederation and America's Declaration of Independence.

New York Governor Kathy Hokll said on social media that her state, which borders the lake, will not comply.

Research from Goldman Sachs shows that oil exports from the Persian Gulf have recovered to around 2/3 of pre-war levels. According to the report, 15 to 16 million barrels of oil a day are leaving the region. The partial recovery is limiting the Iran war's impact on global crude prices. And lastly, UEFA is pursuing a criminal case against FIFA president Yiani Infantino in Switzerland. The action by Europe's football governing body comes amidst the fallout from Infantino's failed plan to monetize the World Cup.

Barrista Nick Demarco KC says that it is a bold move by UEFA.

UEFA applied to get the disclosure. Then the Swiss prosecutor has to have an investigation and look into all these things. And if the Swiss prosecutor thinks there's a case, it then goes to court. It it's as much political as it is legal. And the effect of the disclosure could be the tipping point.

Lawyer Nick DeMarco speaking there. According to the filing, UEFA's New York lawsuit seeks subpoenas to gather information from Thrive Capital and its founder Joshua Kushner about their role in developing Infantino's strategy. FIFA which is based in Zurich in Switzerland and Thrive Capital did not respond to requests for comment. Those are some of our top stories for you today. Now all eyes on Jackson Hole in Wyoming as we've been talking about to understand whether we'll get a clear policy signal from Ke