Goldman Sachs Vice Chairman Rob Kaplan said the Federal Reserve was right to keep rates at 3.50%-3.75% in a 9-3 July vote and argued officials should stay flexible ahead of September rather than signal a preset path. Kaplan, a former president of the Federal Reserve Bank of Dallas, said he could support another hold if inflation improves meaningfully, but cited offsetting pressures from AI infrastructure spending, tariffs, labor shortages and higher oil prices, even as AI-driven productivity may help restrain prices over time. July CPI rose 0.1% on the month and 3.4% from a year earlier, while core CPI increased 0.2% and 2.5%, leaving inflation above the Fed's 2% goal. Kaplan also said Federal Reserve Chair Kevin Warsh should use Jackson Hole to explain why officials stayed put in July without pre-committing to September, while warning that structurally higher long-term Treasury yields driven by heavy debt issuance and fiscal deficits can pressure Bitcoin and other non-yielding assets. A $25 billion auction of 30-year Treasuries on Aug. 13 cleared at 5.22%, up from 5.06% in July and the highest borrowing cost for a 30-year sale since 2001.