Fed Governor Waller said there are very strong views within the Fed on communication issues.

Bernstein says markets may have overread Fed Chair Kevin Warsh’s Jackson Hole remarks as explicitly hawkish; Warsh stressed scaling back forward guidance, which could make it harder to infer the Fed’s rate path from a single speech and increase volatility in policy expectations. Warsh also flagged that more than half of this year’s capex growth may be AI-related; near-term AI spending will lift demand for capital, power and equipment, while longer-term productivity gains could alter potential growth — the Fed must weigh both effects. Bernstein did not rule out “currency-debasement” trades: it views US high debt, large deficits and rising interest-service costs as structural risks, and says if the US Treasury continues to intervene in long-end yields, scarce assets such as gold and bitcoin could find support. (Source: JP Morgan report, Sept. 2)

美國商務部長盧特尼克：G20成員就科技原則達成一致。