And when a deal involving it ran into national-security resistance, we started
wondering what regulators saw that the market might be overlooking. The answer
appears to lead back to one obscure supplier sitting unusually close to the
center of the AI boom.




Сⅼіϲk hеrе. <[link removed]>


<[link removed]>





Most investors have never heard of this company.

NVIDIA clearly had.

And when a deal involving it ran into national-security resistance, we
started wondering what regulators saw that the market might be overlooking.

The answer appears to lead back to one obscure supplier sitting unusually
close to the center of the AI boom.

See why it caught Washington’s attention.
<[link removed]>






STRATEGY DESK




A Fed Hawk Goes Public at Jackson Hole: "Now Is the Time to Act" on Raising
Rates




The Federal Reserve's annual gathering in Wyoming's Grand Teton mountains
produced its most hawkish public statement yet from a sitting FOMC voting
member, when Cleveland Fed President Beth Hammack gave a live television
interview from the symposium calling explicitly for higher interest rates and
saying the time for action has arrived. Her comments, delivered at precisely
the moment when all eyes are on the gathering ahead of Chairman Warsh's keynote
address, represent the clearest articulation by any current Fed official of the
case for a September rate hike.


Cleveland Federal Reserve President Beth Hammack said "now is the time to act"
on raising interest rates, repeating her call for higher rates in a live CNBC
interview from the Federal Reserve's annual symposium in Jackson Hole. "I don't
want to prejudge anything. But I believe now is the time to act," she said. "I
believe that we've been in an inflationary situation for more than five years.
It's been running well above our target. I don't see any restriction in policy
when I look at financial conditions and when I talk to market participants."
Hammack said a report released the prior day showed inflation running around 3%
on an annualized basis — a figure she characterized as still far from the Fed's
2% target, even though the monthly rates of price increases had slowed in
recent months.




KEY TAKEAWAYS

* Cleveland Fed President Hammack said explicitly from Jackson Hole that
"now is the time to act" on raising rates, citing five years of above-target
inflation and describing financial conditions as insufficiently restrictive —
the clearest on-camera call for a September hike from any current FOMC voting
member.
* Hammack was one of three July dissenters who voted for a 25 basis point
hike; her Jackson Hole comments confirm the hawkish minority has not moderated
its position in the weeks between the July meeting and September's rate
decision.
* Despite Hammack's explicit call, rate futures continued to price a hold at
September and October with the next hike expected in December — a disconnect
reflecting either investor confidence in Warsh's majority hold or expectation
that September data will not provide sufficient justification for immediate
action.



Hammack's statement is particularly significant because of her institutional
position. She was one of three FOMC dissenters in July — alongside Minneapolis
Fed President Neel Kashkari and Dallas Fed President Lorie Logan — who voted
for a 25 basis point hike rather than the hold that the 9-member majority
chose. Her presence at Jackson Hole, combined with her explicit "now is the
time to act" formulation delivered in a live television setting rather than in
prepared academic remarks, signals that the hawkish minority has not softened
its position in the weeks between the July meeting and the September decision.
Her anecdote from her recent district tour added a human dimension: "I recently
met with workers in Erie, Pa., who were all saying that they're feeling a sense
of despair. They're working every day, coming in, they've got good jobs, and
yet they still feel like they can't make ends meet. They can't go and afford an
ice cream cone on the weekend with their kids."


Market pricing continued to suggest investors do not expect a September hike
despite Hammack's public call. Rate futures indicated the Fed would stay on
hold at both September and October meetings and wait until December for any
move. That disconnect between Hammack's explicit "now is the time" statement
and the market's December pricing reflects either investor confidence that
Warsh's majority will hold, or a belief that the macroeconomic environment
between now and September will provide sufficient evidence to justify the hold
position.




SOURCE:




* "Fed's Hammack says 'now is the time to act' on raising interest rates" —
CNBC
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