Opening Bell: 8.28.26

In closely watched speech, Warsh signals Fed may need to raise rates [Politico]While inflation numbers have recently been better than expected, “they do not tell me that underlying trends have meaningfully improved….”The speech, his first official one in his new role, diverges from his early practice of providing almost no opinion on the state of the U.S. economy, although he still did not employ typical central banker speak in signaling when an interest rate hike might come.Companies Can Tell Investors Less Under Proposed S.E.C. Rules [NYT]“What is the big problem that we need to solve?” said Rebecca Patterson, a former chief investment officer of Bridgewater, a hedge fund.“U.S. firms today are highly profitable overall, and they are still able to make longer-term strategic business decisions,” she added. “They are nicely walking and chewing gum at the same time.”In Trump’s Washington, Ballooning National Debt Stirs Little Action [NYT]Mr. Trump, who was such a prolific borrower as a private businessman that he termed himself “the king of debt,” has never seemed to care much about deficit spending. During his 2016 campaign, he almost offhandedly boasted that he could eliminate not just the deficit but the entire cumulative national debt in eight years as president. Instead, the debt has doubled since then under him and Mr. Biden.The U.S. Created 79,000 Fewer Jobs Than Previously Reported, New Revisions Suggest [WSJ]The private sector likely had 178,000 fewer jobs in March than the still-official data shows, with the slide concentrated in retail and in wholesale trade.Two Sigma’s Feuding Founders Head to Arbitration in Fresh Battle [Bloomberg]Entities associated with the Siegel family claim co-founder John Overdeck improperly handled an earlier dispute, in which an ex-employee sought severance and deferred compensation two years after their exit…. The other fight is an escalation of a conflict that’s been brewing for months, after Siegel’s first pick to share the CEO role resigned. Siegel replaced him on the firm’s two-person management committee with Seth Platt, but whether Platt then automatically becomes co-CEO alongside Lyons remains in dispute.Hedge-fund titan’s $6.2B divorce could be third-biggest of all time: Truth behind bitter court battle [N.Y. Post]If Laura Overdeck successfully wins the astronomical sum, the couple’s divorce would only fall behind those of Bill and Melinda Gates and Jeff Bezos and MacKenzie Scott as the most expensive in US history…. Laura Overdeck is seeking a 35% piece of John’s stake in Two Sigma — which her lawyer pegs at $6.2 billion.