Forbes Daily: Warsh Calls For A “Quieter” Fed in Jackson Hole Speech

In his first-ever speech at the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, Chair Kevin Warsh called for a “quieter” central bank.

Warsh, who has sought to pare back the Fed’s communications, argued it “should not indulge a regime in which market participants are looking primarily to the Fed for their next trade.” He also expressed concern about persistent inflation, after annual inflation remained stuck at 3.3% in July.

A number of central bank officials have said rate hikes would likely be necessary if price increases did not moderate, as the ongoing conflict in the Middle East continues to add uncertainty to the economic outlook.

This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here. First UpPayPal’s stock sank 13% on Friday as Bloomberg reported that Stripe and Advent International abandoned their $53 billion bid to take over the company, which has struggled to compete with other payments platforms.AI-driven demand for memory and computer hardware has driven up core inflation as much as the tariffs President Donald Trump imposed early last year, a new analysis from the Minneapolis Federal Reserve found.Tech + Innovation

Burning Man, the cultural behemoth that annually welcomes 70,000 revelers to a remote desert in Nevada, and its impassioned community have spent the last three decades arguing over what Silicon Valley gets to bring to the desert playa. Now, as generative AI creeps into theme cap flyers and art installations, attendees are sparring over whether the tools are being used as a new form of desert ingenuity, or just the latest version of tech wealth commandeering a handmade culture and turning it into homogenized AI slop.

Money + Politics

High-profile billionaires like Elon Musk, George Soros and Marc Andreessen are pouring money into federal elections, with the 10 top billionaire donors in the midterms already having given more than $734 billion. Andreessen, along with his business partner Ben Horowitz and their venture capital fund Andreessen Horowitz, have donated a combined $115.3 million this election cycle, according to The New York Times.

Sports + Entertainment

The 21-year-old tennis sensation Alex Eala is already one of the most famous figures in her home country of the Philippines, but the U.S. Open could make her an international superstar. In addition to the $1.7 million in prize money Eala has earned so far in 2026, Forbes estimates her off-court earnings have exceeded $5 million over the past 12 months. And given her trajectory on the court, Eala’s earning potential could be exponentially higher in the years to come.

Trends + Explainers

Driven by rising tuition in the U.S. and more competition at elite schools, a growing number of Americans are earning their bachelor’s degrees overseas. We rounded up the 15 top international colleges for U.S. students, including highly selective institutions like Cambridge and Oxford, as well as others that are more accessible, such as John Cabot University, which was founded as an American liberal arts college in Rome, Italy.

Daily Cover StoryInside The World’s Most Expensive Neighborhood: $550 Million Apartments, F1 Stars And Billionaires

On a June morning during the Formula 1 Grand Prix weekend, thousands of F1 fans and tourists flooded into Monaco, the postcard-sized principality on the French Riviera. Along the two-mile circuit, just after Turn 8, visitors milled about its newest neighborhood, Mareterra, a 15-acre luxury development built directly on the Mediterranean Sea.

Every one of its 130 apartments and villas sold out before the neighborhood—which took 11 years and cost some $2.3 billion to build—was completed in December 2024. Now some of those original homes are already hitting the market at wildly higher prices less than two years after they were finished. Due to the project’s secrecy, there is no reliable data on the number of resales or even the average price. But some apartments are being offered at $12,900 per square foot, according to local brokers, a 33% premium compared to what some original buyers paid. (Monthly rents meanwhile go up to more than $130,000).

Mareterra generated more than $6.6 billion in total property sales, far more than enough to pay back the construction costs, a $1.2 billion bond plus more than $1.8 billion in taxes and concession payments to the Monaco government. According to previously unreported financial documents filed in Luxembourg by one of the investors, Mareterra’s development company reported a $3 billion net profit as of June 30, 2025—six months after the project was delivered—which was distributed to the investors as proceeds.

Monaco has long attracted the world’s richest and most famous—including Winston Churchill, Ringo Starr, Lewis Hamilton and of course Hollywood-royalty-turned-Monegasque princess, Grace Kelly—thanks to its Mediterranean shores and extremely friendly tax code. Smaller in size and population than Hoboken, New Jersey, Monaco is currently home to at least 29 billionaires worth a collective $167 billion, and another five members of the three-comma-club are investors in Mareterra or own second homes in the principality.

WHY IT MATTERS “At a time when billionaires are making ever-larger real estate purchases, Monaco stands out as the city and country with the most expensive real estate in the world—nearly double the next-most expensive city in the world, Hong Kong, on a square-foot basis,” says Forbes deputy editor Giacomo Tognini. “And thanks to its generous tax benefits and its stability compared to competitors like Dubai or the U.S., it’s gathering more and more billionaire residents each year.”

MORE Aboard The $250 Million Superyacht ‘Amadea’ With The World’s Youngest Real Estate Billionaire

Facts + Comments

The U.S. Open officially got underway Sunday in New York, and while top-ranked men’s player Jannik Sinner is out with a knee injury, fans’ passion for tennis has not dimmed—despite the tournament’s soaring ticket prices:

$5.5 million: How much will be paid both to the men’s and women’s singles champions this year, topping 2025’s record $5 million

905,255: The attendance for the main draws of singles and men’s and women’s doubles last year, surpassing the 900,000 mark for the first time ever

738,459: How many of the tournament’s signature drink, the Honey Deuce, were sold at the event last year

Strategy + Success

The ability to determine your own work hours is one of the biggest draws of being an entrepreneur, but it can also lead to pressure to be “always on” often resulting in burnout. Decide when you will be available and be sure to communicate that to your employees. Scheduling tools can help you avoid taking meetings outside of the hours you’ve designated.

VideoQuiz

The U.S. tourism industry is attempting to win back Canadian tourists as visitation numbers have plunged. Which of the following cities are offering deals for Canadian travelers?

A. New York City

B. Las Vegas

C. Myrtle Beach, South Carolina

D. All of the above

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.