Federal Reserve Bank of Chicago

Brian Mantell, CD- CEO of the Aderant Group.

Uh, formerly 30-plus years, I think, with the Fed, Federal Reserve Bank of Chicago.

Um, Larry Pruss, Managing Director of Emerging Payment Technologies at SRM.

Peter Tapling of PTAP Advisory.

Now, Warsh's speech comes as views diverge among Fed officials at Jackson Hole on the need for higher rates.

The Fed's Chicago president, Austan Goolsbee, says that he's happy to wait for more evidence.

I need evidence that inflation, that, that this inflation shock is, is not gonna be persistent.

Um, and I'm okay with waiting-

That includes Chairman Kevin Warsh delivering his keynote remarks at 10:00 AM Eastern Time.

And then it's a First on CNBC conversation with Chicago Fed President Austan Goolsbee, 12:30 PM Eastern Time as well, so a jam-packed day of Fed speak.

Now it's time for your call sheet, where we look at the topics driving the trading day ahead.

The crew members assembled today are Ryan Detrick of the Carson Group, he's also a CNBC contributor, Matt Powers of the Powers Advisory Group, and Bilal Little of Direction.

Cleveland Fed President Beth Hammack expressed similar concerns and reiterated her willingness to raise rates to bring price pressures back under control.

Chicago Fed President Austan Goolsbee also warned of sticky inflation, although he said rates could be lowered gradually if there were clear evidence that inflation was returning toward the 2% target.

Geopolitical risks and AI investment could add to price pressures.

Our base case is that disruptions to global energy supplies should remain limited as the US, Iran, and mediators continue working toward reopening the Strait of Hormuz.

Farmland values are softening in the Midwest as agricultural economists say the market is moving in two directions.

The Chicago Fed reports values were flat in the second quarter of 2026 with increases in Illinois and Iowa and decreases in Indiana and Wisconsin.

Meanwhile, a new report in Nebraska shows farmland across all categories down 1% from a year ago.

Farmland values are still high as the state set new records in 2024.

Maybe there's a bit of a reset that we have to make, uh, but, uh, for me, I, I, I think, uh, we're a little on the accommodative side.

On the other side, Chicago Fed President Austan Goolsbee told a podcast the last three months of inflation data don't look terrible.

He says a 3% interest rate with 2% inflation is a loose target worth aiming at.

Stay with Bloomberg for full coverage of Chairman Warsh's remarks on a special edition of Bloomberg Surveillance live from Jackson Hole tomorrow morning starting at 9:00 Wall Street time on Bloomberg Radio and Television and the Bloomberg Business app.