Fed talk roundup: Hammack says inflation is a bigger problem than jobsFed's Musalem says he sees limited room for further easingCanada August producer price index +0.5% m/m vs +0.2% expectedMarkets: Gold up $62 to $3746WTI crude oil down 4-cents to $62.64S&P 500 up 0.4%EUR leads, CAD lagsUS 10-year yields up 1.3 bps to 4.15%A pair of Fed officials in Hammack and Musalem said they were reluctant to cut much more in light of inflation risks as both highlighted a decent, and perhaps improving economy. Barkin took a more-neutral view but also touched on improving business confidence while Miran continued to call for 200 bps of easing in short order.The Fed talk had limited impact on markets as stock futures pointed to a 0.4% decline early only to turn around and hit new records with a 0.4% gain in the S&P 500 (and 0.6% in the Nasdaq). Nvidia helped by announcing a $100 billion investment in OpenAI. The stock market continues to shove its chips 'all-in' on AI and it's easy to see why if you're spent time with the latest models. That said, at some point the returns are going to have to justify the unprecedented investments.The gold market is seeing something very different as it rallied forcefully to a new high today on steady bids in North America. The combination of fiscal recklessness and tumultuous politics is certainly a tailwind. Bitcoin wasn't able to shake off the earlier rout despite the positive risk mood. The correlation between bitcoin and the Nasdaq has broken this month with bitcoin flat over the past two months and the Nasdaq up more than 10%.In FX, the euro steadily gained to 1.1800 as it claws back a part of the three-day decline at the end of last week. The loonie went in the opposite direction as Carney highlighted the rift with the US, though I think it was more flows that commentary behind the move. Canadian PPI numbers ran hot and that could give the BOC a headache. This article was written by Adam Button at investinglive.com.