U.S. Vice President JD Vance publicly called on the Federal Reserve to cut interest rates on Sept. 3, saying such a move would be the "right and responsible" response to recent inflation data. Speaking at a White House press briefing, Vance said the administration believes the Fed should lower rates and added that while the government is already taking steps to push rates lower, help from the central bank would make that effort stronger. He also linked the case for lower rates directly to housing affordability, saying President Donald Trump wants Americans to be able to buy homes and that higher rates raise borrowing costs. The remarks came less than two weeks before the Federal Open Market Committee meets on Sept. 15-16. According to CME Group FedWatch data cited in the report, traders are nearly evenly split on whether the meeting will result in a rate increase, leaving the market outlook uncertain. Vance’s comments also stood in clear contrast with recent signals from inside the Fed. Fed Chair Warsh, who was nominated by Trump, said at Jackson Hole in Wyoming less than a week earlier that the central bank remains committed to bringing inflation back to its 2% target and described short-term rates as the main tool for achieving its dual mandate. Other officials have also diverged, with Michael Barr saying he would support a hike if inflation stays high, while Christopher Waller indicated he prefers to hold rates steady.

Federal Reserve Governor Christopher Waller struck a dovish tone on September 3, stating that the labor market remains strong and three-month core inflation has shown "significant improvement." He emphasized that the September rate decision will be "highly dependent" on the August CPI data due next week. If inflation continues to progress toward the 2% target, he supports holding rates steady; if data comes in higher than expected, he would consider a rate hike. However, he noted that accelerating inflation might not necessarily prompt a tightening move. Additionally, a pending revision to the Commerce Department's estimate of non-market prices could lower the 12-month PCE by a few tenths of a percentage point.

A MarsBit report, citing analysis from Peter Schiff and originally sourced from Quoth the Raven, argues that the U.S. Federal Reserve has been quietly expanding its balance sheet since February rather than shrinking it in practice. The article says the Fed added a net $29 billion in Treasury bills in August and has increased its Treasury bill holdings by $344 billion over the past year, even as headline balance sheet totals were dragged lower by runoff in mortgage-backed securities and 5-10 year Treasuries. Year to date, the balance sheet is described as having grown by $90 billion. The report also points to pressure in the Treasury market. It says yields had largely traded between 3.25% and 4.75% since September 2022 until that range broke in June, when the 30-year yield moved above 5% and the 10-year yield rose above 4.5%. It adds that foreign appetite for U.S. debt has weakened, with overseas holdings falling from a first-quarter peak of $9.4 trillion. China’s holdings were listed at $630 billion, down $100 billion from a year earlier. In the same piece, Fed Chair Kevin Warsh is quoted from Jackson Hole as calling the 2% PCE inflation target a “firm, fixed target” and saying there are “no excuses” for failing to restore price stability.

September 2026 packs a crowded calendar across crypto and tech. US nonfarm payrolls and CPI data are due, and the Federal Reserve will publish its rate decision and updated economic projections. The US Senate is set to hold a procedural vote on the CLARITY Act. G20 ministerial meetings open this month, while the SEC has floated moving stock trading to 24 hours. The UK FCA opens license applications for crypto firms, and the comment window for MiCA revisions closes. Token unlocks for SUI, HYPE, OPN and ZRO could trigger volatility. Apple will hold a new iPhone event, iFlytek will release the Spark X2.5 general large model, Anthropic plans to publish an IPO prospectus, and Microsoft and Meta both have AI chips in the spotlight. Broadcom and Oracle report earnings, TSMC posts August revenue, Baidu moves to dual primary listing in Hong Kong and New York, and AI infrastructure company Nscale may launch an IPO. On the events side, NFT.NYC, ETH Rome, ETH Taipei and KBW headline the crypto circuit, while All-In Summit, Huawei Connect and the 2026 Apsara Conference round out the month. PANews' updated crypto calendar offers broad coverage, flexible filters and easy export for tracking all of it.

Federal Reserve Chair Kevin Warsh made his first Jackson Hole appearance as chair and delivered a message that markets read as more hawkish than his July FOMC press conference. He said inflation remains “concerning,” argued that the Fed’s “primary focus should be on prices,” and warned that “we have more work to do” if underlying inflation does not return to target at a “sufficient pace.” The speech triggered an immediate market reaction: the 2-year Treasury yield rose by about 7 basis points, and implied odds of a September rate hike climbed from roughly 30% before the remarks to above 50% afterward. Even so, Wall Street’s major banks did not fully embrace that repricing. JPMorgan kept December as its base case for the next hike, with economist Michael Feroli saying the more important inputs for the September meeting will be the upcoming August nonfarm payrolls report and CPI data. Goldman Sachs also held its line, expecting August core CPI and core PCE to rise about 0.2% month over month, a path that would leave the FOMC on hold unless CPI and PPI come in stronger than expected. Warsh also used the speech to reaffirm the Fed’s fixed 2% inflation goal, clarify that short-term rates remain its primary tool, and describe current financial conditions as difficult to label restrictive.

Federal Reserve Chair Christopher Waller’s first appearance at the Jackson Hole symposium was widely read on Wall Street as a hawkish reset of the Fed’s July messaging. Waller reiterated that the 2% inflation target is non-negotiable, said overall financial conditions are hard to describe as restrictive, and argued that better-than-expected summer PCE and CPI readings do not yet prove a meaningful improvement in the underlying inflation trend. He added that the Fed still has work to do if it cannot be confident inflation is falling at a clear and sufficiently fast pace. The speech quickly shifted market focus back toward the September Federal Open Market Committee meeting. JPMorgan Asset Management’s Priya Misra called it a hawkish speech and a clean-up act for what she saw as poor communication after the July press conference. Aberdeen’s Matthew Amis warned that if the Fed does not raise rates in September, its credibility could take another hit. CME data showed the implied probability of a September hike rose from about 35% before the speech to roughly 50% afterward, with some market gauges briefly pointing closer to 60%. Barclays and Societe Generale both revised their forecasts and now expect 25 basis-point hikes in September and December. SocGen also sees another move in March, while noting that call carries significant uncertainty. Other investors said Waller left enough room for near-term tightening, but still stopped short of giving markets a clear policy path.

Federal Reserve Chair Kevin Warsh used his first Jackson Hole speech on Aug. 28 to reaffirm the central bank's commitment to pulling inflation back to its 2% target, calling the goal "clear and fixed" and insisting that price stability will not happen on its own. Warsh said the Fed must be convinced that underlying inflation is moving toward target at a pace that is "clear and fast enough"; otherwise, "we have more work to do." He pointed to the summer's better-than-expected PCE and CPI readings but said they have not convinced him that the underlying trend has meaningfully improved. With inflation still above 2%, he said the Fed's "primary focus right now should be on prices." The chair also pushed back on the idea that financial conditions are restrictive, describing them as not restrictive and calling interest rates the Fed's "primary tool." He argued that forward guidance should play a limited role, and that policymakers should not base forward-looking policy on stale or inaccurate data. At the same time, he said the odds of materially stronger economic growth are rising. On market expectations, Warsh said market pricing reflects confidence that the Fed will deliver price stability, adding, "I can assure you, the market assessment is right." He closed by stressing that price stability is the Fed's responsibility and will not be achieved automatically.

Federal Reserve Chair Warsh says that even though PCE and CPI data released this summer came in better than expected, it has not convinced him that the underlying trend in inflation has meaningfully improved. He notes that market pricing reflects confidence the Fed will achieve price stability, and assures that market judgment is correct. Warsh adds that with inflation above 2%, the Fed's primary focus should be on prices. His closely watched remarks coincide with criticism of his streamlined communication style, which economists and market participants believe lacks clarity on the near-term outlook for the economy and monetary policy. The speech appears to answer those concerns, as Warsh offers a more detailed than usual account of his views on the economy and the Fed's priorities under his leadership. He emphasizes that price stability will not occur automatically and inflation may not return on its own; achieving price stability is the Fed's responsibility. It is expected that Warsh will not take questions from central bank officials and economists at the event.