Podcast appearances and mentions of Jackson Hole

In this week's LPL Market Signals, Chief Fixed Income Strategist Lawrence Gillum and Chief Economist Jeff Roach talk key takeaways from last week's Jackson Hole Symposium. After weeks of market doubt, Chair Kevin Warsh used Jackson Hole to put inflation first, retire regular forward guidance, and say the Fed still “has work to do.” Traders took it as a credibility reset: September hike odds jumped from the mid-30s toward a coin flip or better, two-year yields rose, the dollar firmed, and gold slipped, while the long end stayed relatively contained. The strategists unpack whether that reaction was justified, what the next jobs and inflation prints must show, and how advisors should talk with clients about cash, duration, and rate volatility from here. Tracking: #1167923

Jack breaks down Warsh at Jackson Hole, why Bessant put him on his plane to the G20, and why the bond market doesn't care what either of them says. The math: fixed obligations already exceed revenue before defense spending. Bitcoin101 Inflation: what it is, why it's rigged, and why Bitcoin fixes it.Join the revolution: https://strike.me/

The Treasury declared economic D-Day on Iran the same week traffic through the Strait of Hormuz jumped 400% and Trump announced a deal for 65 billion barrels of Venezuelan oil. None of that is a coincidence.

Guy Adami and Dan Nathan open by recounting a fan's Guy-themed T-shirt sighting on CNBC's Fast Money, then discuss Fed Chair Kevin Warsh's Jackson Hole remarks as largely status quo, with the S&P 500 near all-time highs and the VIX around 14 despite potential catalysts like the August jobs report. They argue markets appear complacent ahead of midterms and cite historical midterm drawdowns, while noting election-related tensions, Canada trade friction, and Russia/NATO risks as possible volatility drivers. The hosts highlight a widening disconnect between strong equities and weakening consumer signals seen in recent retail earnings, alongside rising delinquency rates and persistent inflation pressures. They review key earnings and themes: Nvidia's extraordinary growth but complex circular AI financing relationships and competitive chip efforts, Salesforce's sharp rally and software rebound, and previews of Dell and Broadcom amid hardware and TPU demand dynamics, before plugging an interview with Imran Khan. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal MediaThe financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Today's Post - https://bahnsen.co/4cPVI9C David Bahnsen recaps Monday market action (Dow -374, S&P -0.33%, Nasdaq -0.12%; 10-year yield 4.76% up 3 bps), with energy leading on oil up 3% to about $86 and communication services lagging. He briefly shares midterm Senate race dynamics based on conversations with analysts, noting multiple paths for Democrats to win or lose the majority and warning against overconfidence in political predictions. Housing data showed August national median rent up 0.1% and down 0.8% year-over-year. He reviews Fed Chair Kevin Warsh's Jackson Hole speech emphasizing price stability over employment, asserting a healthy labor market, concern about inflation, and a firm 2% target; markets raised implied September hike odds from ~38% to ~60% and to ~88% for a hike by year-end. Warsh discussed productivity questions (including AI), tight credit spreads, repudiated forward guidance with a “hall of mirrors” analogy, and delivered a cordial, potentially consensus-building tone. Bahnsen also notes a reported 35% U.S. government stake in a Venezuela oil venture with no short-term price impact, and that since 1950 September midterm years were evenly split between up and down markets. 00:00 Welcome and Agenda 01:05 Market Snapshot 02:13 Midterm Election Outlook 05:32 Housing and Rent Update 05:47 Jackson Hole Fed Takeaways 07:02 Rate Hike Odds and Targets 09:00 Forward Guidance and Consensus 11:25 Oil Moves and Venezuela Deal 12:06 September Midterm Seasonality 12:39 Closing and Next Episode Tease Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Andreas Steno and Mikkel Rosenvold are back to unpack Kevin Warsh's surprisingly hawkish message at Jackson Hole and what it could mean for markets. They also turn to the latest escalation in the Middle East following U.S. attacks on Larka Island. Is the war restarting, and could renewed geopolitical risk disrupt the market setup just as investors were beginning to embrace the bull case?

Today, a look at Fed Chair Warsh's hawkish posturings at the Fed's Jackson Hole, Wyoming symposium on Friday and the reaction across markets, which seemed most decisive for gold more than for the US dollar or risk sentiment more broadly. Also, we wonder how much more the market can get out of the Fed's hiking potential as we await the next move from Bessent and company at Treasury if US treasury yields rise from here. Much more in today's pod on FX and macro and the busy week ahead with host John J. Hardy, Saxo Global Head of Macro Strategy. Links Michael Every was recently on Thoughtful Money recently and I found the discussion of stablecoins the most enlightening, a bit more into the specifics and the assumptions needed to make this work than I have heard previously from Every and others. Katie Martin wonders, as we also do on the podcast, when the "new age of financial repression" is coming. Mark Zuckerberg's Social Reckoning. (The New Yorker) A WSJ op-ed frets the risk of a US food crisis, in part on fertilizer supply chains that run through the Middle East and China  On X, Paulo Macro points out a string of recent magazine covers that should warm the hearts of AI bubble bears. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

Bitcoin heads into September under pressure as renewed U.S.-Iran strikes push oil above $90 and markets sharply raise the odds of a Fed rate hike after Kevin Warsh's hawkish Jackson Hole speech. Despite September's historically weak reputation, midterm-year seasonality has often been much stronger, while gold is still coming off its best month since January. Learn more about your ad choices. Visit megaphone.fm/adchoices

Andrew, Ben, and Tom dig into Bessent's scorched-earth letter to Elizabeth Warren, Warsh's hawkish Jackson Hole speech and softer-than-expected BLS jobs revision, plus France's growing sovereign debt problems.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure

itcoin is back below $78,000 after another failed attempt to establish $80K as support, while ETF inflows finally broke their winning streak and Kevin Warsh's Jackson Hole comments increased expectations for tighter monetary policy. Matt explains why Warsh's apparent commitment to returning inflation to 2% could mean higher rates and less liquidity, creating another potential headwind for Bitcoin. The bigger story is the growing convergence between Bitcoin mining and AI infrastructure. Miners already control power, grid connections, land, cooling and data-center infrastructure that AI companies desperately need, pushing companies like IREN, Riot and CleanSpark deeper into AI. Matt argues that this creates enormous opportunities but also new risks, including AI-focused regulations spilling into Bitcoin mining and the possibility that an eventual AI correction exposes companies whose valuations have become too dependent on the boom. Happy HODLing Hosted on Acast. See acast.com/privacy for more information.

Bitcoin spent last week consolidating after its huge move higher, and Craig sees the lack of a major snapback as a positive sign. The weekly candle finished essentially flat, even after selling following Warsh's Jackson Hole comments, leaving Bitcoin surprisingly strong but too messy for Craig to trade right now. Instead of forcing a position, he's waiting for Bitcoin to establish cleaner trend and cyclicity before getting involved again. While Bitcoin sorts itself out, Craig is searching deeper in the market for the structures he prefers: strong trends, clean pullbacks, good cyclicity, and momentum. He highlights Pump.fun as an example of that structure and discusses Zora, CHIP, and ZRO as charts showing characteristics he watches for, while emphasizing that these are examples rather than trade recommendations. For now, the strategy is simple: stay patient, trade where the clean trends are, and wait for Bitcoin's next leg. Happy Hodling, Everyone. Hosted on Acast. See acast.com/privacy for more information.

In a generally upbeat Jackson Hole speech on Friday, Fed Chairman Kevin Warsh asserted that “labor markets are consistent with full employment”. Given that the current unemployment rate, at 4.1%, is the lowest it's been in 18 months and is also lower than it has been 88% of the time over the past 50 years, it is hard to argue with the Chairman's assessment.

August is officially in the books! And after another month of AI enthusiasm, strong corporate earnings, stubborn inflation, rising oil prices, geopolitical uncertainty, Fed drama and some major market breakouts, it's time to step back from the daily noise and see where the money actually went. On today's episode of TraderMerlin, we're pulling up the charts and reviewing the performance of our Top 8 Market Segments for August. Because sometimes the best way to understand what's happening in the financial markets isn't another headline... It's simply looking at which assets are actually going UP—and which ones aren't. We'll compare the performance of the major markets and see where traders and investors were putting their money throughout August. We'll discuss: U.S. Equities – The S&P 500, Nasdaq, Dow and Russell 2000 all finished August higher despite plenty of volatility along the way. Technology – AI remained one of the dominant market themes, with another massive Nvidia earnings report helping reinforce enthusiasm for the AI trade. Small Caps – Are smaller companies finally participating more meaningfully in the bull market? Gold – Precious metals delivered another powerful month as inflation, geopolitical risk and concerns about the dollar drove demand. Bitcoin & Crypto – Bitcoin was one of August's standout performers as digital assets attracted another wave of capital. Energy & Crude Oil – Middle East tensions and disruptions surrounding the Strait of Hormuz kept energy markets firmly in focus. Bonds & Interest Rates – Treasury yields remained a major source of volatility as investors digested inflation data and Kevin Warsh's message from Jackson Hole. The U.S. Dollar – What currency markets are telling us about inflation, monetary policy and global capital flows. But we're not just ranking winners and losers. We're asking the much more important question: What is August's performance telling us about September? The S&P 500 gained roughly 2.5% in August, continuing an earnings-driven bull market. Semiconductor stocks remained strong, with Nvidia gaining nearly 9% for the month, while software stocks continued their impressive recovery. But some of the biggest moves weren't in stocks at all. Bitcoin gained more than 20% during August, while gold also posted a powerful monthly advance as investors increasingly looked toward scarce assets amid concerns about inflation, government debt and monetary policy. Meanwhile, crude oil remains one of the market's biggest wild cards as renewed tensions in the Middle East pushed Brent back above $90 per barrel to close out the month. That's a very interesting combination: Stocks rising. Gold rising. Bitcoin rising. Oil rising. Bond yields remaining elevated. Normally, those assets aren't all telling us the same story. So what exactly is the market pricing in? That's what we'll try to figure out today. And the timing couldn't be better because tomorrow we turn the calendar to September—historically one of the most difficult months of the year for U.S. equities. For additional market research, check out CME Group Markets, Federal Reserve Economic Data, and Nvidia Investor Relations. Listen now:

Today on the show: Karen Travers from ABC News on the Venezuela oil deal. Rory O'Neill reports on grocery prices and data centers. Mike McKee from Bloomberg News live recapping a busy week in Jackson Hole. Erick Erickson joins us live. Mike Dobuski covering the tariff impacts on cars. Plus, A Grand for Groceries! 9am-noon on 95.5 WSB.

Today on the show: Karen Travers from ABC News on the Venezuela oil deal. Rory O'Neill reports on grocery prices and data centers. Mike McKee from Bloomberg News live recapping a busy week in Jackson Hole. Erick Erickson joins us live. Mike Dobuski covering the tariff impacts on cars. Plus, A Grand for Groceries! 9am-noon on 95.5 WSB.

Today on the show: Karen Travers from ABC News on the Venezuela oil deal. Rory O'Neill reports on grocery prices and data centers. Mike McKee from Bloomberg News live recapping a busy week in Jackson Hole. Erick Erickson joins us live. Mike Dobuski covering the tariff impacts on cars. Plus, A Grand for Groceries! 9am-noon on 95.5 WSB.

Treasury Secretary Scott Bessent is trying to force down US Treasury yields with surprise bond buybacks — and it isn't working. In this video we break down Bessent's activist debt management strategy, why doubling the Treasury's long-dated buybacks is a bet on falling interest rates funded by short-term bills, and why his old boss Stanley Druckenmiller publicly tore the plan apart in a Wall Street Journal op-ed ("Let the Bond Market Speak"). We look at the collision with new Federal Reserve Chair Kevin Warsh after Jackson Hole, the 50% tariffs on Canada and the Mark Carney feud, "Operation Economic Outcast" and the secondary-sanctions problem with China and Iranian oil, the GENIUS Act and crypto's role in sanctions evasion, and Stephen Miran's case for the defense. The through-line: you can't trade around arithmetic. When a government goes to war with market prices, the bond market has an infinite balance sheet — and prices tend to win.Patrick's Books:Statistics For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3eerLA0⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Derivatives For The Trading Floor: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://amzn.to/3cjsyPF⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Corporate Finance: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amzn.to/3fn3rvC ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ways To Support The Channel:Patreon: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/PatrickBoyleOnFinance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle

NVIDIA just delivered another monster quarter, reinforcing the case that the AI infrastructure boom is far from over. In Episode 195 of The Investor Professor Podcast, we break down NVIDIA's explosive data-center growth, its potential move toward major stock buybacks, and why the company may still look attractive despite becoming one of the most valuable businesses in the world. We also examine Kevin Warsh's message from Jackson Hole, stubborn inflation, rising interest rates, and what a potentially tougher Federal Reserve could mean for housing, the economy, and markets heading into the fall.We also mark six months since the U.S.-Iran conflict began and discuss how higher oil prices, defense spending, AI infrastructure, and political uncertainty could create both risks and opportunities for investors. From NVIDIA and cybersecurity to defense stocks, industrials, healthcare, and dividend-paying companies, we focus on separating short-term noise from long-term opportunity—and why investors should be thinking about the next three years, not the next three weeks.*This podcast contains general information that may not be suitable for everyone. The information contained herein should not be construed as personalized investment advice. There is no guarantee that the views and opinions expressed in this podcast will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. Rydar Equities, Inc. does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance.  Past performance is no guarantee of future results.

Can Nvidia keep propping up the AI trade? And will Callaway's controversial ad cost the brand customers? Plus, why are footwear and sneaker stocks getting marked down? Host Imani Moise discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Can Nvidia keep propping up the AI trade? And will Callaway's controversial ad cost the brand customers? Plus, why are footwear and sneaker stocks getting marked down? Host Imani Moise discusses the biggest stock moves of the week and the news that drove them. Sign up for the WSJ's free Markets A.M. newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

LOCK IN YOUR EARLY BIRD PRICE DISCOUNT FOR THOUGHTFUL MONEY'S FALL ONLINE CONFERENCE (OCT 17TH) at https://www.thoughtfulmoney.com/conferenceA current sell signal, slowing momentum, retail demand weakening...These are just some of the recently indicators suggesting the market rally is stocks is losing steam, and more likely than not to experience some sort of pullback in the coming weeks.Portfolio manager Lance Roberts and I discuss the odds, as well as Kevin Warsh's Jackson Hole speech, the breaking deal for the US to gain access to 65+ billion barrels of Venezuelan oil reserves, Nvidia's blowout earnigns & forecast, and of course, his firm's latest trades.For everything the mattered to markets this week, watch this video.#kevinwarsh #oil #nvidia _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video.Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/disclosureThoughtful Money Agreement: https://thoughtfulmoney.com/agreementIMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2026 Thoughtful Money LLC. All rights reserved.

John reads Warsh's Jackson Hole speech as a nothing burger for Bitcoiners: a Fed chair must talk tough on inflation because signaling anything else would send inflation expectations and yields higher, while the long-run path of financial repression stays the same Warsh reported that 54% of PCE basket components rose more than 3% over the past year, called 4.1% unemployment full employment, and framed inflation as squarely the Fed's problem to solve Markets read the speech as hawkish anyway: the two-year yield rose about 12 basis points while gold and Bitcoin each gave back roughly 3.5% On last week's expanded Treasury buybacks, John points to two signals: a 30-year yield near 5.3% is clearly bothering policymakers, and the Fed has never meaningfully reduced its holdings of 10-year-plus Treasuries even during quantitative tightening, evidence that natural buyers of long-dated government paper are scarce The hosts revisit the shallowest bear market thesis they developed together on this show: a roughly 52% drawdown against 77% to 90%-plus in prior cycles, with the June low of $58,000 sitting just below the 200-week moving average before price rocketed back through it John explains why he believes the June low will hold, while framing the 50-week moving average near $82,000 as the level the market is watching to declare a new bull market Glassnode data shows 1.05 million Bitcoin of long-term holder supply with a cost basis between $83,000 and $86,000, the first heavy resistance shelf above spot, and the hosts discuss how cost basis shapes market psychology The debasement trade is back in ETF volumes, with GLD and IBIT both in the top ten most traded funds, and the Bitcoin-to-gold ratio breaking its year-long downtrend after gold's 2025 outperformance Bitcoin's long correlation with software stocks broke down in June, and John argues it was always the wrong frame, a point Lyn Alden's Wall Street Journal essay makes at length: Bitcoin is a protocol of value, not another technology stock A broad Treasury ETF has returned roughly negative 18% after inflation over fifteen years while the supply of government debt keeps expanding, the picture John says is quietly ending the era of Treasuries as the world's default store of value ► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide ✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes ✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your Bitcoin with Swan Vault ✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Download the all-new Swan Bitcoin App ✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour! ✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Connect with Swan Bitcoin: ✔ Twitter: https://twitter.com/Swan ✔ Instagram: https://instagram.com/SwanBitcoin ✔ LinkedIn: https://linkedin.com/company/swanbitcoin ✔ Threads: https://www.threads.com/@swanbitcoin ✔ Facebook: https://www.facebook.com/SwanBitcoin/ ✔ TikTok: https://www.tiktok.com/@realswanbitcoin

Episode 5623: Kevin Warsh Addresses Jackson Hole Economic Forum

It's been more than a year since the Trump administration intensified ICE raids in immigrant communities across the U.S. Latino entreprenuers say the toll on their businesses has been worse than the pandemic. In this episode, the ongoing economic harm caused by Trump's relentless deportation agenda. Plus: Small businesses grapple with more tariff uncertainty, Canada posts strong GDP growth, and we break down Fed Chair Kevin Warsh's first Jackson Hole speech.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today's episode:Was that forward guidance we just heard from the Fed Chair?Canada's economy is growing as it heads to a trade war with the U.S.Tariff uncertainty means halted production for this camping chair companyImmigration enforcement leaves Latino businesses struggling for monthsHow a 21-foot-tall space cowboy has revitalized a strip of Route 66

A.M. Edition for Aug. 28. A federal judge finds the Trump administration violated Anthropic's first amendment rights by deeming it a supply-chain risk. Plus, prosecutors scale up their crackdown on insider trading on prediction markets. And as more young people opt out of even searching for entry-level roles, WSJ reporter Natasha Dangoor details the rising interest in apprenticeships on both sides of the Atlantic. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

P.M. Edition for Aug. 28. Economics correspondent Nick Timiraos reports from Jackson Hole on how investors are interpreting Federal Reserve Chairman Kevin Warsh's speech. Plus, some of President Trump's biggest corporate donors are now cutting checks to Democrats, too. WSJ's White House reporter Annie Linskey explains how American companies are preparing for a potential Democratic comeback in November. And WSJ's global energy reporter Collin Eaton unpacks how Chevron and other U.S. energy companies are closing in on deals worth billions to expand in Venezuela's oil fields. Sabrina Siddiqui hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

#921: The economic world prepares for Jackson Hole and all eyes are on Kevin Warsh to deliver a clearer message on the state of inflation in the US. Shein, once valued at $100B, is now aiming for a $27B valuation as it makes its stock market debut. A new drug can lengthen the life of those with pancreatic cancer. American Airlines and United are hoping direct flights to far flung places will attract new customers.  Learn more at https://go.amex/morningbrew  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

It's been more than a year since the Trump administration intensified ICE raids in immigrant communities across the U.S. Latino entreprenuers say the toll on their businesses has been worse than the pandemic. In this episode, the ongoing economic harm caused by Trump's relentless deportation agenda. Plus: Small businesses grapple with more tariff uncertainty, Canada posts strong GDP growth, and we break down Fed Chair Kevin Warsh's first Jackson Hole speech.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Read the stories in today's episode:Was that forward guidance we just heard from the Fed Chair?Canada's economy is growing as it heads to a trade war with the U.S.Tariff uncertainty means halted production for this camping chair companyImmigration enforcement leaves Latino businesses struggling for monthsHow a 21-foot-tall space cowboy has revitalized a strip of Route 66

Late last year, the federal government announced the Rural Health Transformation Program, a $50 billion initiative looking to improve the health of rural residents and to offset more than $900 billion in reduced Medicaid spending over 10 years from Republicans' sweeping 2025 tax and spending law. This morning, we hear how Louisiana is focusing some of that cash toward tech firms. Also on the show: spending on electronics and Kevin Warsh's inaugural Jackson Hole address.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

PODCAST LAS NOTICIAS CON CALLE 28 de agosto de 2026 - EEUU negocia quedarse con una tajada "masiva" del petróleo de Venezuela, Venezuela negocia quedarse con 90 mil millones de barriles de petróleo y que Venezuela salga de la OPEP Ayuda federal tardaría hasta un año por sequía y desastre federal - El Vocero Crisis de agua inunda la línea PAS - El Vocero Un momento para WindMar Home — la empresa con más de 20 años protegiendo los hogares puertorriqueños.Solar para bajar tu factura. Techo para proteger tu inversión. Agua para que nunca te quedes sin — especialmente con las sequía. Y batería para total independencia energética.Todo bajo una misma empresa. Un solo llamado. Llama al 787-489-1155 o visita windmarhome.comWindMar Home — los que se preparan hoy , duermen tranquilos mañana.#windmarhome #windmarhome #incluyeauspicioCorrección admite que no hay razón para cancelar contrato ordenado por la gobernadora cancelar y debe 112 millones a empleados en retroactivo - El Nuevo Día Tormenta Dolly sigue camino hacia acá para lunes - NHCSolX cesantea ~200 en Aguadilla tras suplidos no poder entregar materiales - Jay FEmbalses al borde: Carraízo en 37.27m, a 26 cm del nivel de "control" (37.00m); La Plata bajó 11 cm a 45.05m; 14 de 19 embalses reportaron bajas. 180,000 abonados en racionamiento de 48 horas - El Vocero Yanira Raíces incumplía requisitos desde 1999, por eso pide distinción especial - El Nuevo Día Jefe de DACO plantea correr para alcalde de Cataño y tiene comité para político mientras es secretario - El Nuevo DíaRegresa SuperPAC Democracia es Prosperidad - El Nuevo Día Norma Burgos pide break al Senado para entregar datos de los últimos días de Domenech y García Posible cirugía Tommy John para Fernando Cruz Boston Scientific sufre ciberataque global, afectó su capacidad de procesar y enviar pedidos; reportado a la SECFederación agrícola en quiebra - El Nuevo Día Trump renombra Lago Ontario "Lake America":7 de 14 unidades de respuesta rápida fuera de servicio, se las compramos a los dueños de Genera y no sirven, Negociado dice que va a investigar - El Nuevo Día Escala la pelea con Canadá, Trump impuso aranceles de 50% a una batería de productos canadienses; Canadá respondió con 50% al alambre de cobre, madera y carbón vegetal gringos, y ofreció C$504M para atraer a 64 científicos estadounidenses - Bloomberg Hoy el jefe de la FED da su primer discurso Jackson Hole a las 10 Nvidia, imparable. $60 billones de ganancia trimestral, esto es algo nunca antes visto Lilly logra que aprueben Mounjaro para condiciones cardíacas - Bloomberg Irán cumple 6 meses de guerra. Hormuz "reabre" y el crudo se estabiliza, pero el diésel en EEUU sigue a $5.65 el galón250+ negocios piden alivio de hasta $10,000 a Turismo, 254 solicitudes de las 450-500 estimadas - El Nuevo Día Trump vs. Canadá. Aranceles de 50%, Canadá responde, y Trump renombra el Lago Ontario "Lake AmericaLOS DATOS DEL DÍABrent: $87.65/barril  Diésel EEUU (retail): $5.65/galón (+19.8¢ en la semana)  ·  S&P 500: 7,730.99 (+0.7%)  ·  Dow: 53,569.44 (+0.2%)  ·  Nasdaq: 26,541.35 (+1.6%)Bono 10 años: 4.67%  ·  Euro/USD: 1.1656  ·  Gas natural (Henry Hub): ~$3.00/MMBtu (Europa en máximos de 3 años)  ·  Hipoteca 30 años: 6.66%  ·  Oro: mineras +43% en agosto

How did Bitcoin react to Fed Chair Kevin Warsh's first Jackson Hole speech? Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole keynote today, and crypto traders are watching for whether the Fed will back the Treasury's plan to cap long-term borrowing costs. Bitcoin has climbed from $64,000 to $80,000 in a week on those expectations — a dovish signal could extend the rally, while a push for Fed independence could send it lower. CoinDesk's Uyen Truong hosts "CoinDesk Daily." - This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ realfi.co⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. - This episode was hosted by Uyen Truong. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Late last year, the federal government announced the Rural Health Transformation Program, a $50 billion initiative looking to improve the health of rural residents and to offset more than $900 billion in reduced Medicaid spending over 10 years from Republicans' sweeping 2025 tax and spending law. This morning, we hear how Louisiana is focusing some of that cash toward tech firms. Also on the show: spending on electronics and Kevin Warsh's inaugural Jackson Hole address.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories included in this episode:Consumers are finding room for electronics in their budgetsStates bet big on rural health startups, with a Silicon Valley twist

August 28, 2026 – 5am: Iran war reaches 6 months with no end in sight Judge gain blocks Trump's bid to restrict mail-in voting Speaker Johnson claims GOP has ‘extraordinary' record to run on USS Lincoln to head to port in Thailand Newsweek: DNC Chair Ken Martin Won't Let DC Insiders Define the Democratic Party Investors await Fed Chair Warsh's Jackson Hole address Trump continues oil and gas stock trades amid Iran war Trump praises Ted Cruz amid 2028 speculation Judge wants pause adding Trump name to Kennedy Center Trump ‘renames' Lake Ontario to Lake America To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Regulators expand their crackdown on prediction markets. And Nvidia hits pause on some revenue-sharing deals with AI cloud companies. Luke Vargas hosts. Sign up for WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Federal Reserve chairman highlights the need to get inflation back down to the central bank's 2% target. Plus: Marvell Technology shares sink more than 10%, underlining the high expectations investors have for companies tied to the AI boom. Pierre Bienaimé hosts. Sign up for WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Plus: Chevron and other U.S. energy companies are closing in on deals to invest billions of dollars in Venezuela. And shares in Gap jumped after the retailer reported an increase in same-store sales for its Gap brand. Pierre Bienaimé hosts. Sign up for WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, Jim Cramer and David Faber set the stage for Friday's keynote speech by Fed Chairman Kevin Warsh at the Kansas City Fed's economic symposium in Jackson Hole, Wyoming: The anchors explored what's at stake for the markets and the economy. Nvidia capped a blowout earnings report with a $442 billion surge in valuation, the second-largest one-day gain behind Microsoft's record-setting $450 billion jump in July. Marvell shares fell sharply despite a quarterly beat and raised guidance. Also in focus: PayPal tumbles after Advent and Stripe reportedly abandon their bid to buy the company; Merger partners decide to scrap their $14.5 billion deal; Affirm rallies; Gap soars; Anthropic's legal victory against the Pentagon; More than 100 companies sign on to an open letter calling for "collective action on cyber defense." Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

DWS Group's David Bianco, Neuberger's Ashok Bhatia and Former Chicago Fed President Charles Evans all join with their reactions to Fed Chairman Warsh's speech in Jackson Hole. Then, Niles Investment Management Founder Dan Niles discusses the potential impact of monetary policy on the markets and tech. We also break down Marvell and Gap earnings. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We bring you special coverage of Fed Chairman Warsh's Jackson Hole speech with commentary from CNBC's Steve Liesman, Former Fed Governor Randy Kroszner and Schwab Chief Investment Strategist Liz Ann Sonders. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Scott Wapner and the Investment Committee debate Fed Chairman Kevin Warsh's latest speech in Jackson Hole and what it means for the market and your money. Plus, the desk shares their latest portfolio moves. And later, CNBC's Steve Liesman sits down with Chicago Fed President Austan Goolsbee to discuss Kevin Warsh's speech, monetary policy and more. Investment Committee Disclosures Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bitcoin is back near $80K as markets brace for Kevin Warsh's Jackson Hole speech, with U.S. demand strengthening and ETF inflows continuing. Elsewhere, Ethena is overhauling ENA tokenomics with aggressive buybacks, Solana is moving toward lower inflation and higher burns, and Charles Schwab is expanding direct crypto trading to SOL, AVAX and LINK. Learn more about your ad choices. Visit megaphone.fm/adchoices

Lawmakers and civil rights activists speak at the March on Washington's 63rd anniversary, with the theme "Defend the Vote"; Federal Reserve Chair Kevin Warsh gives his first speech at the Fed's economic symposium in Jackson Hole, Wyoming, saying inflation is still too high, suggesting interest rate cuts may be coming. We will hear from the Chair and talk with Washington Post's Global Economics Correspondent David Lynch (17); U.S. war with Iran is six months old today. We will talk with Elise Labott, author "Cosmopolitics" Substack newsletter about the state of the conflict, strategy on each side, and what may come next (36); President Donald Trump visits the Johnson Space Center in Houston, Texas to award medals to the Artemis II crew, discuss plans for future space exploration and to announce the creation of a new U.S. Space Force Academy. Learn more about your ad choices. Visit megaphone.fm/adchoices

In his first speech at Jackson Hole as Federal Reserve chairman, Kevin Warsh said that while inflation readings had looked better than expected over the summer, they did not show that the current picture had “meaningfully improved”. The new Fed boss stressed that his remarks should not be treated as a guide to future interest rate decisions, but his comments suggest rates could be raised if policymakers believe inflation is too high. The latest figures showed prices rose 3.4% in the year to July, above the Fed's 2% target. And more than 80 British actors and vocal artists are calling for stronger legal protection against AI clones of their voices. They've signed an open letter calling on the Prime Minister to give everyone in the UK a legal right to own their voice.

Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there's more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute's Adam Posen calls the Treasury's increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bitcoin got as high as roughly $81,300 overnight and still couldn't maintain $80K. The battle is getting clearer. ETF demand remains strong, with another $242 million entering U.S. spot Bitcoin ETFs Thursday and roughly $3 billion arriving during nine consecutive positive sessions, but traders keep taking profits above $80K. The real breakout probably requires Bitcoin to turn $80K into support and then clear roughly $81K-$83K.The biggest macro catalyst today is Kevin Warsh at Jackson Hole. Treasury yields are still elevated, inflation remains uncomfortable, and markets are even considering whether the Fed may have to raise rates again. A hawkish Warsh could strengthen the dollar and yields and make Bitcoin's $80K problem worse. A more balanced Warsh could give ETF buyers another opportunity to push through.And then there's SanDisk, which may be one of the craziest stock stories of the AI boom. The stock is up more than 500% this year, but there is a real business transformation behind it: annual revenue rose 175%, data-center revenue surged 437%, Q4 gross margins reached nearly 85%, NAND prices exploded, and AI companies are consuming memory faster than manufacturers can supply it. The risk is that memory is still cyclical. SanDisk's run continues as long as AI demand and memory shortages remain stronger than new supply.Happy HODLing. Hosted on Acast. See acast.com/privacy for more information.

MRKT Matrix - Friday, August 28th Fed's Warsh: Interest rate increases in play if inflation doesn't fall (Axios) September Fed decision is now a coin flip as rate hike odds increase post Warsh (CNBC) Goldman Says Hormuz Oil Flows at Two-Thirds of Pre-War Levels (Bloomberg) Blue-Collar Jobs Are the New Flashpoint in Data-Center Fight (WSJ) The housing market's fragile place (Axios) SpaceX considered as a leasing company (FT) Nvidia Pauses Revenue-Sharing Deals With AI Cloud Companies (WSJ) --- Subscribe to our newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://riskreversal.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

The economy is strong, prices are still too high, and the job market is sending mixed signals. The Federal Reserve is navigating all of it while fending off the most overt political pressure in its modern history. Austan Goolsbee, President of the Chicago Fed, joins Rapid Response ahead of the Central Bank's highly-watched meeting in Jackson Hole, to give his most candid read on what's actually going on. He explains why tariffs, war in the Middle East, and six years above the 2% inflation target make this the most dangerous inflation environment he's seen, what Kevin Warsh's new leadership means for how the Fed operates, and why he's a "grim optimist" on AI even as the hype keeps outrunning the results. Plus, what business leaders should actually be watching to get ahead of the Fed's next move.Visit the Rapid Response website here: https://www.rapidresponseshow.com/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A.M. Edition for Aug. 26. A bullish AI forecast from Nvidia lifts markets. And despite blockbuster growth and revenue forecasts, IG Markets' Chris Beauchamp says Nvidia still has more room to run. Plus, Fed chairman Kevin Warsh has so far kept his views on interest rates to himself. But investors hope that's about to change. And, WSJ's Tripti Lahiri brings us the latest from the devastating floods in Nepal and China. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Investors are keeping a close eye on Jackson Hole for signals on the economic outlook and the path for rates. Our Chief U.S. economist Michael Gapen joins Global Head of Macro Strategy Matthew Hornbach to discuss whether markets get what they want—or what the Fed needs.Read more insights from Morgan Stanley.----- Transcript -----Matt Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy at Morgan Stanley. Michael Gapen: And I'm Michael Gapen, Chief U.S. Economist. Matt Hornbach: Today, we'll be discussing the Jackson Hole Economic Symposium and Chairman Warsh's opening remarks. It's Thursday, August 27th at 10am in New York. So, Mike, let's get right into it and talk about the upcoming opening remarks by Chairman Warsh at the Jackson Hole Economic Symposium that will be delivered to the public at 10 am tomorrow, Friday. How are you thinking about what to expect from those opening remarks? Michael Gapen: Well, historically, and by historically, I mean in a post-2008-2009 world, Jackson Hole has been used, not every year, but frequently as a venue to communicate to markets. The longest gap on the Fed's meeting calendar is between the July and September meetings. So, Jackson Hole falls between that and provides a useful opportunity to communicate what might be coming. That's what's normally been done. Warsh has repeatedly stated he wants the Fed to talk less and communicate less and say less. So, I don't think we will see or hear, in this case, a lot about his views about how the economy is operating today and how monetary policy may be conducted into year-end. So, I don't think we'll hear a lot about, say, the December; the outlook for the economy from September to December, and what it might imply for interest rate policy or balance sheet policy. So, little in the way of near-term forward guidance. I do think, however, he did say in the July press conference that the venue would be good to tackle some of these big questions that he has talked about, that he's created these task forces for. So, whether it is the balance sheet or the inflation framework, or communication or AI and productivity or data quality and so forth. This would provide, I think, a reasonable opportunity for him to start talking about that. I don't think maybe we'll get a lot of conclusions. But I would look for commentary that's more in the question; or in the spirit of those big questions and less about the near-term conduct of policy.So maybe not what markets want, but this is what markets will get. Matt Hornbach: Just rewinding a bit, the conference itself is on a somewhat of a niche topic. What exactly is the conference about? And, in terms of the papers that get released at the conference, do you have any sense as to where they might be headed? Michael Gapen: So, the topic of this conference, the economic symposium, as you noted, is Financial Innovation: [its] Implications for [the] Payments [system] and [monetary] Policy. So, I would expect there to be a lot of sessions for things like central bank digital currencies or stable coins or Bitcoins. Near money type innovation that has happened in recent years, which leads to things like competition for deposits from the non-financial sector vis-a-vis the financial sector. So, a competition of near moneyness to money, if you will. Its implications for the interaction between the non-financial system and the financial system, competition for deposits. Does it create risks around financial disintermediation? And therefore, how might the regulatory environment and monetary policy work in that world? So little more, I'll call it, esoteric and maybe arm's length from the day-to-day conduct of policy. But I would look at the speeches probably in that vein. Deposit competition, financial market stability, and what kind of regulatory framework might you need to ensure we can still conduct policy effectively in that world. Matt Hornbach: Sounds like an exciting set of papers… Michael Gapen: Yes. Yes. Matt Hornbach: … for professors to read through. Michael Gapen: This is why they don't often leak the schedule too far in advance, right? We all might decide not to listen. Matt Hornbach: Indeed. Well, it is the end of August, and people are probably still on holiday here and there… Michael Gapen: I'm doing my best, but you called me in today. Matt Hornbach: Yeah, the least I could do. So, you did mention that this might be an opportunity for Chairman Warsh to maybe spotlight a bit these task forces and the topics that they're tackling, one of which is the inflation framework. And that word framework, I think, is important because the investors that we've been speaking with are frustrated that the Fed has not really laid out a framework – for monetary policymaking in this new era of Chairman Warsh, and his leadership at the Fed. So, I'm curious, if we're not going to get forward guidance on monetary policy and what will happen at the next meeting. And we're also not going to get much forward guidance on the framework that the Fed is using to decide on what to do with short-term interest rates. What are we meant to think about the framework? Michael Gapen: Yeah, I think ultimately, of course, we're going to need to know this, and this is what economists would refer to as the ‘difference between forward guidance and the "reaction function." So, the framework is really, you've got a set of tools, how do you intend to use them to achieve your objectives? A conventional Fed would say, "Well, if interest rates are low and inflation's too high, then we should raise rates," right? So high inflation brings high interest rates, low inflation brings low interest rates. All else equal, there's still the employment side of the mandate, of course. And the market had that view, at least initially, right? As we were in the June-July period and Warsh was talking hawkishly, the curve generally flattened. Expectations for front-end yields moved higher, and inflation-fighting credibility maybe kept the back end stable or brought the back end down. So, you could argue the markets looked at Warsh as maybe bringing a conventional reaction function and a conventional framework. But in the June and July FOMC meeting and in conversations with the press during the press conferences, Warsh – I don't want to say backtracked. He just didn't validate that and did say that we will achieve price stability. Didn't quite say how he would use the tools to do that. And even suggested maybe interest rates weren't the primary mechanism with which to influence, create, deliver price stability. So, the curve then steepened out. So, I think the market is wondering what Fed chair we have and what his reaction function is? And if inflation's running hot, is it an interest rate answer or is it a balance sheet answer? I'd also just add one last thing, Matt, is it makes a difference what the rest of the 18 people on the FOMC think. [Be]cause I think you would agree, and I'll put forward right now, I think they have a largely conventional view. Half of the committee thought it was time to raise rates in June. So, we have a balance between not knowing the chair's framework and having to intuit it. Or hope that we hear more. But then also knowing the other 18 who could band together and have greater voting power act in a largely conventional framework. I think that's the debate and the dilemma that we're all dealing with. Matt Hornbach: Yeah, I think investors, have certainly expressed frustration about the lack of guidance in any form or fashion. Perhaps with the exception of the balance sheet; we have a general idea that the balance sheet will be smaller in the future. And we have a sense from what Chairman Warsh has said in front of the House of Representatives during his semi-annual testimony that any changes would happen gradually over time. But, in terms of the pricing of the July meeting, and what happened at the July meeting, investors were very disappointed that the Fed did not go ahead and raise rates in July. Now, the market was only assigning about a one in three odds of a rate hike in July. And so, the fact that the Fed did not go ahead and raise interest rates in July was not a surprise in the sense of market pricing. But I do sense that investors were frustrated; that because they didn't get much forward guidance going into the July meeting, that the market might not have priced more probability on a July rate hike because the Fed, in fact, did not signal that they were leaning in that direction. But I see it as somewhat ironic because it seems to me, and I'd like to get your view on this. It seems to me that Chairman Warsh doesn't want to provide that type of specificity. He'd rather have the markets tell him what to do at an upcoming meeting, as opposed to him telling markets what to do at an upcoming meeting. How do you think about that? Michael Gapen: Oh, I think it's… [It] strains credibility to think that by saying nothing, you get the market's interpretation of the economy, data, and events – without the market thinking what the Fed thinks about it. I don't think that there's a world where you get the unvarnished market expectation independent of the Fed. So, I don't personally agree in the analogy of the market should play the ball and not the referee. The Fed is not a referee in markets. The Fed is a player in markets. Monetary policy acts through financial markets to achieve a set of financial conditions to deliver price stability and maximum employment. So, the Fed and markets are on the field at the same time. The Fed, in some ways, is the 800-pound gorilla on the field at the same time. So, everybody else on the field has to know what the gorilla is doing in order to do what they're supposed to do. Yes, there's always some circularity between Fed communication and market reaction to that. But I think that's natural and normal and important in making monetary policy effective – meaning it has to transmit through financial markets. And so, you could diminish the effectiveness of monetary policy if you don't tell the market what, at least what your framework is and what your reaction function is. And the tools that you intend to use and how you would intend to use them. Then the market could be an inefficient transmitter of monetary policy. So, I disagree with the notion that by saying less, the Fed learns more. But that's my view. I'm one of many. That's my opinion. The chair obviously has a different view. Matt Hornbach: Well, I can certainly understand not wanting to be the referee, especially after what we saw at the World Cup. There were a couple of games where the referee… Michael Gapen: And nobody likes the referee. At least half the people are upset with the referee. Matt Hornbach: Indeed. Okay. So, Mike, I think we're going to leave it there. Michael Gapen: Thanks for having me on, Matt. Matt Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Artificial Intelligence is already shifting how many of us live and work, if the tech titans of our era have their way. We've been hearing from experts all week about how America's system of taxation may need an overhaul if AI takes over an increasing number of human jobs. If AI shrinks the workforce and tax base, a sovereign wealth fund could help make up the difference. But critics warn of unintended risks. We dig in. Then, what to look for in Fed Chair Kevin Warsh's remarks in Jackson Hole this week.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in this episode:Before chasing quick fixes for the AI tax problem, look at Chicago's parking meters