US President Donald Trump said on 2026-08-31 at the White House that he respects Federal Reserve Chair Kevin Warsh and that Warsh will do what needs to be done, but also said US interest rates are too high and should be the lowest in the world. ^[1] The Dow Jones Industrial Average fell 0.44% to 52,949 points at the market open on Tuesday. ^[2] The Nasdaq Composite index declined 1.33% to 26,020 points at the market open on Tuesday. ^[3] At the Jackson Hole Economic Policy Symposium, Kevin Warsh, President of the Federal Reserve, reaffirmed that the Fed's target of 2% annual inflation measured by the Personal Consumption Expenditures (PCE) index is a firm and fixed goal. ^[4] Federal Reserve Chair Kevin Warsh suggested on 2026-08-28 at the Jackson Hole economic symposium in Wyoming that he could raise interest rates if inflation does not slow. ^[5] Trump also said on 2026-08-31 that success and growth do not cause inflation, and that rates should be lowered when the economy is doing well. ^[6] Apple shares rose 1.02% after John Ternus assumed the role of new chief executive officer. ^[7] Kevin Warsh stated that the goals of the dual mandate are not contradictory and expressed skepticism regarding the Phillips Curve and wage growth as reliable predictors of inflation. ^[8] Warsh argued that high inflation hinders economic prosperity and that monetary policy should prioritize price stability with a long-term perspective rather than focusing excessively on labor data. ^[9] Warsh criticized the use of forward guidance on interest rate trajectories, arguing it acts as a quasi-commitment that reduces the Fed's freedom to make correct decisions when the time comes. ^[10] Some observers said there is deepening conflict between Trump, who wants to lower rates to boost the economy ahead of the November 2026 US midterm elections, and Warsh, who wants to keep or raise rates due to inflation concerns. ^[11]