Chairman Warsh’s Jackson Hole Speech Emphasizes Price Stability

Published on August 31, 2026

In an ambitious and much-anticipated Jackson Hole speech, Federal Reserve Chairman Kevin Warsh made the most market-moving news when he stated clearly that unless “underlying inflation is moving to our objective, clearly and at sufficient speed … we have work to do.”

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Gilligan’s Island and the Limit of Economic Innovation

August 31, 2026
Over seven years ago, I wrote a piece using the 1960s TV sitcom Gilligan's Island to provide a simple example of why productivity is the most important driver of economic growth. In this article, I present the next episode of Gilligan’s Island, describing what happens after the benefits of innovation stop driving economic growth.

Getting Paid to Extend: The Case for Muni Duration

August 31, 2026
Treasury’s pivot toward long-bond buybacks gives duration buyers their first clear green light in months — and the November midterms may add a second leg.