Ameriprise flagged Jackson Hole as an early test of Fed Chair Kevin Warsh’s reaction function amid soft-but-incomplete disinflation.
July CPI showed core inflation at 2.5% year over year; the setup leaves room for the Fed to hold rates steady next month.
Steepening long-end yields, debt and deficit concerns, Iran-related defense spending, and AI infrastructure financing are seen tightening financial conditions.
Nvidia earnings on Wednesday are seen as unlikely to lift shares on a routine beat-and-raise; investors want revenue above USD 92 billion consensus.
Focus on Nvidia’s AI ecosystem financing exposure, including USD 105 billion credit support, USD 43.4 billion in strategic stakes, and USD 145 billion in supply commitments.
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