The Chair Who Won't Guide
Kevin Warsh delivers his first Jackson Hole address on Friday. The question is not whether he sounds hawkish or dovish, but whether a market trained on forward guidance can price September without it.
Policy
Central banks, fiscal, and the rules of the game.
The Cost of Saying It Depends
The Bank of England spent the spring trying to communicate conditionally about an energy shock. The gilt market heard something simpler.