Federal Reserve Chair Kevin Warsh is scheduled to deliver his first address this Friday at the annual gathering of economists and central bankers in Jackson Hole, Wyoming. The stakes for the speech are high as U.S. government bond markets remain on edge.
The address comes at a time when inflation risks are resurfacing and long-term borrowing costs are elevated. With inflation currently above target, the US Treasury has already intervened in bond markets to do what monetary policy has not.
Warsh has brought a sharp change to the central bank's communication by saying much less about the economy and inflation than his predecessors. While prior Fed chairs have used this specific speech to lay out broad policy frameworks and intentions, Warsh has shifted away from that approach.