11AM Hour: Schwab CEO, Counselor to the Treasury Secretary David Zervos & Expectations for Micron Earnings 9/30/26

Markets are reassessing Fed hike odds after mixed PCE data as yields stay near 5.3% on oil and growth, while AI product rollouts reshape brokerage and asset-management competition.

• PCE cooler, but revisions matter: Core PCE rose 0.2% m/m (3% y/y, aided by a ~36bps methodology cut); Fed funds futures cut October hike odds to 35% from 47%, keep December at 88%.
• Zervos calls inflation a supply story: Treasury counselor David Zervos says rising yields (10-year ~5.27-5.32%) reflect oil prices ($60$100) and global capital demand, not inflation expectations, and backs Treasury's bond buybacks.

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