Fedspeak's Back, And Warsh Is A Breath of Fresh Air

Published on September 1, 2026

Federal Reserve Chairman Kevin Warsh used his Jackson Hole speech last week to lay out what he thinks of monetary policy. Two things jumped off the pages of his speech.

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Triple Mandate

September 1, 2026
A credit-allocation problem is complicating the Fed’s dual mandate, with current policy restrictive for many consumers and weaker borrowers, but less so for large corporates, higher-quality issuers, and borrowers with access to private credit. This uneven transmission increases the risk that the Fed must tolerate tighter financial conditions and more volatility before policy can ease without exten

Five Catalysts That Could Drive a Pickup in Volatility

September 1, 2026
Despite ongoing geopolitical tensions, growing questions about the scale of AI-related spending and steadily rising bond yields, market volatility remained remarkably subdued this summer.