Global markets face a pivotal week as Federal Reserve Chair Kevin Warsh prepares to make his debut speech at the 2026 Jackson Hole Economic Symposium on Friday, August 28, while the July PCE price index (the Fed’s preferred inflation measure) is due on Wednesday, August 26. Investors will look for clues about Warsh’s policy reaction function, although he has consistently avoided forward guidance, or advance signals about future policy. The week also brings Nvidia’s quarterly earnings, which Jefferies expects to show $95 billion in revenue and $108 billion in forward guidance, alongside U.S. Treasury auctions, eurozone inflation data and a press conference by U.S. Treasury Secretary Scott Bessent on Iran sanctions. Oil, gold and silver have rallied amid heightened Middle East risks, while markets continue to weigh elevated Treasury yields, inflation pressures and the durability of AI-related capital spending.