Morning Dose #327: Hot PCE, Hawkish Fed Odds, and NVIDIA’s Big Night – Wednesday 8/26/2026

Episode summary

Inflation data came in hot and September rate-hike odds jumped to 36%, sending futures lower ahead of NVIDIA’s after-the-close earnings. But breadth is quietly improving under the surface, so the playbook today is disciplined engagement, not conviction — lean into continuation names like SMCI and UUUU while letting tonight’s print and a $70B 5-year auction set tomorrow’s real tone.