Rate Hike Odds Jump to 57% as Nvidia Drops 4.6% After Warsh
Rate-hike odds jumped to roughly 57% after Kevin Warsh’s Jackson Hole speech, sending Treasury yields higher as Nvidia and gold fell. Now the August jobs report could determine whether that shift in Fed expectations gains momentum or becomes more complicated.
August 29, 2026
Rate Hike Odds Jump to 57% as Nvidia Drops 4.6%
Traders sharply increased the odds of a September rate hike after Fed Chair Kevin Warsh put inflation back at the center of the market during his Jackson Hole speech. The shift pushed Treasury yields higher, pressured gold, and sent Nvidia down 4.6% just one day after its powerful AI-driven rally. Now attention turns to Friday’s August jobs report.
Watch Today’s Market Breakdown
See why rate-hike expectations jumped, how the move reached Nvidia, bonds and gold, and why the August jobs report matters next.
Today’s Market Setup
Warsh’s inflation message changed the market’s interest-rate expectations quickly, with the impact showing up across bonds, technology stocks and gold.
September Hike Odds Reach 57%
Traders raised the implied probability of a September rate hike from about 35% before the Jackson Hole speech to roughly 57% by Friday’s close after Warsh emphasized that the Fed’s 2% inflation target remains firm.
Treasury Yields Pressure Nvidia
The two-year Treasury yield jumped about 13 basis points to 4.36%, a one-month high. The Nasdaq fell about half a percent while Nvidia dropped 4.6%, reversing part of the previous session’s 8.7% surge.
Gold Falls as Rates Reprice
Gold dropped about 3% as traders priced in greater odds of higher interest rates. The next major test is the August jobs report on Friday, September 4, with a Reuters poll expecting about 58,000 jobs.
What Matters From Here
The market has repriced September policy risk. The next question is whether incoming labor data reinforces that shift or complicates it.
- Does the August jobs report strengthen the case for a September rate hike or make the Fed’s decision more difficult?
- Can Nvidia regain momentum if Treasury yields remain under upward pressure?
- Does gold stabilize if rate-hike expectations stop increasing, or does tighter-policy risk remain the dominant pressure?
The Headlines Are Only the First Step
The free Market Preview explains why markets repriced September rate-hike risk. The members-only Daily Market Brief goes deeper into the catalysts, risks, confirmation signals, and developments worth monitoring as investors evaluate what comes next.
See What Members GetInside Today’s Members-Only Daily Market Brief
- The developments that could show whether markets continue pricing a greater probability of a September rate hike.
- What the August jobs report could mean for the tension between persistent inflation concerns and the Fed’s next decision.
- The signals worth monitoring across Treasury yields and technology stocks after Nvidia’s sharp post-rally reversal.
- How gold’s decline fits into the broader repricing of interest-rate expectations following Jackson Hole.
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