What markets want from Fed's Warsh — and how he can deliver

• Investors are seeking policy clarity from Federal Reserve official Warsh during the upcoming Jackson Hole meeting in Wyoming. • The gathering, hosted by the Federal Reserve Bank of Kansas City, has historically served as a platform for the central bank to signal future interest rate expectations.

• US stocks ended nearly flat as higher-than-expected inflation data created uncertainty regarding the Federal Reserve's future interest-rate trajectory. • Market volatility was tempered by resilient economic growth, though investors remained cautious in anticipation of Nvidia's upcoming earnings report.

• German Chancellor Friedrich Merz hosted leaders from Austria, Denmark, and Finland in Berlin on Thursday to coordinate a strategy among "frugal" EU member states. • The meeting serves as preparation for upcoming negotiations regarding the European Union's joint budget for the 2028-2034 seven-year period.

• The Euro (EUR) continued its three-day winning streak against the British Pound (GBP) on Thursday, though it retreated from session highs during the European opening. • German GfK Consumer Sentiment for September improved to -26.6, significantly beating market expectations of -29.6 and the August figure of -29.4.

• Germany and five other fiscally conservative nations—the Netherlands, Denmark, Austria, Finland, and Sweden—are calling for significant cuts to a proposed €2 trillion ($2.3 trillion) seven-year EU budget. • During a meeting in Berlin on Thursday, Chancellor Friedrich Merz and his counterparts argued that the budget should be reduced by "several hundred billion" euros to align with broader budgetary consolidation across the bloc.

• Six EU nations, including Germany, Denmark, the Netherlands, Austria, Finland, and Sweden, are calling for reductions to the bloc's proposed 2028-2034 budget. • The European Commission has proposed a budget totaling nearly €2 trillion ($2.33 trillion) for the upcoming period.

• Medical technology company Renata Medical has closed a $25 million Series D financing round led by ARCHIMED to advance care for children with congenital heart disease. • A new study reveals that Trump-era trade wars resulted in cheaper whiskey across much of the U.S., though prices increased in the production hubs of Kentucky and Tennessee.

• Bally's has raised substantial doubt regarding its ability to continue as a going concern due to a heavy debt burden. • The company is currently pursuing various financing alternatives to stabilize its financial position and avoid insolvency.

• The European Central Bank (ECB) held a meeting on July 22-23, 2026, to review economic, monetary, and financial developments within the global economy and the euro area. • Reports indicate a widespread rate increase across collateral jurisdictions and among market participants, signaling a gradual return to balanced liquidity conditions.

• Nvidia is scheduled to report its second-quarter financial results this Wednesday after the US market closes. • Analysts are anticipating revenue of approximately $92 billion, focusing heavily on the company's future guidance.

• Global markets showed mixed results on Thursday morning as strong sales growth forecasts from Nvidia drove technology shares higher. • While the tech-heavy Nasdaq surged, other trading sectors were dampened by geopolitical uncertainty and stubbornly high U.S. inflation data.