Historical backfill: prepared on October 4, 2026; observations stop at the article date, using US stock and ETF closes and same-day yield observations.
At Jackson Hole on August 28, Federal Reserve Chairman Kevin Warsh said inflation remained above target. Better summer readings had not established improvement in underlying trends; policy needed inflation to move clearly and sufficiently quickly toward the objective. He did not announce the September meeting’s decision. Without an intraday event window, the full day’s price changes cannot all be assigned to the speech.
The two-year Treasury yield rose from 4.20% to 4.34% that day, an increase of 14 basis points. The ten-year rose 6 basis points, from 4.67% to 4.73%. Their spread narrowed from 47 to 39 basis points. The end more sensitive to the nearer policy path rose faster, although a two-year yield is not the next meeting’s policy rate.
GLD fell about 3.2%, SMH 3.5% and NVIDIA 4.6%. NVIDIA had risen sharply a day earlier, leaving room for a reversal in this decline. TLT lost 0.3% and SPY 0.2%. The dollar index gained roughly 0.5%, while the ten-year real yield rose from 2.34% to 2.42%, in directions compatible with pressure on gold and semiconductors.
Sources: Federal Reserve · Warsh · 2026-08-28 · FRED DGS2 · FRED DGS10 · FRED DFII10 · Yahoo Finance GLD · Yahoo Finance TLT · Yahoo Finance NVDA · Yahoo Finance SMH · Yahoo Finance SPY · Yahoo Finance 美元指数 / Dollar Index. Stock and ETF price changes compare consecutive Yahoo historical closing prices, which may include provider adjustments and are not treated as investors’ total returns. Yields are observations for the stated day. FRED yields use the historical series available at preparation, not an archived real-time release snapshot. Price facts are separated from interpretation; causal explanations have not been established. Past performance does not indicate future results. Dollar-index figures use Yahoo Finance DX-Y.NYB daily records; the provider’s daily cutoff has not been reconstructed, so they are not treated as synchronous with regular stock and ETF closes. The securities NVDA are discussed solely as subjects of analysis, not as KSINQ recommendations to buy, sell or hold. The cited price changes reflect historical performance and do not imply future results. Personal research and opinion for information only, not investment advice.