HeyJaredPolisPandit
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Warsh Won't Guide Markets While Bessent Edits Their Signals (opens the original)
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For more, subscribe to my newsletter: https://polispandit.substack.com Kevin Warsh gave his first Jackson Hole speech as Fed Chair and refused to tell markets what happens next. Coverage split into "hawkish" and "evasive" but I disagree with both. Warsh isn't withholding guidance out of caution, but replacing it with market prices. He told the room exactly which signals he'd be reading: Treasury prices and volumes, the dollar, credit conditions, commodities.In the weeks before he spoke, Treasury
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