Federal Reserve Chair Warsh to Deliver Keynote Speech at Annual Conference Amidst Rising B
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Warsh is scheduled to deliver his first keynote speech at the Fed's marquee annual conference in Jackson Hole on Friday. Since taking office, he has launched a new regime of communications in which he has declined to offer much in the way of his views on the economy or his outlook for policy, breaking with his predecessors.
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Washington Times BusinessThe Fed’s new chairman, Kevin Warsh, is set to deliver a speech on Friday at an economic symposium in Jackson Hole, Wyoming. The mountain setting has provided the backdrop for major Fed policy announcements in the past, but investors are unsure of what they may get from Warsh this time around.
Politico EconomyWill Kevin Warsh Squander a Huge Opportunity? The new Fed chair will have the spotlight at the central bank’s high-profile conference in Jackson Hole. He should use it.
Epoch Times BusinessWarsh is scheduled to deliver his keynote address on Aug. 28 at 10 a.m. EST. He told reporters at last month’s post-meeting news conference that his Jackson Hole speech was a “blank piece of paper.”
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A CNBC Fed Survey released on the eve of Jackson Hole found that 80 percent of polled economists said Warsh should offer insights into his economic views. Forty-eight percent believe he should offer his outlook on interest rates.
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CNBCThat's the message from the special Jackson Hole edition of the CNBC Fed Survey. Among the 31 respondents, 80% say the Fed chairman should provide more insight into his economic views. But they're split, 48% to 48%, on whether he should provide his views on the rate outlook.
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Warsh has insisted that he wants to give financial markets fewer clues about what the Fed will do with interest rates, hoping that markets react more to incoming data about the economy and inflation than to what the Fed is signaling.
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CNBCWarsh has said he's holding back because he wants a cleaner view of market pricing unfiltered by Fed guidance.
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In the meantime, the bond vigilantes have resurfaced during these generally thin market conditions in August, as global bond yields have risen in Britain, France, Germany, Japan and the U.S. One of the consequences of higher yields is seeing new housing starts decline 12.4% in July to a 1.24 million annual pace. Technology industry borrowing to build data centers has also pushed rates up. With the 30-year Treasury bond at the highest yield since 2007, fixed income investors are nervous, since their principal erodes as yields rise. TLT, the iShares 20+ Year Treasury ETF, is now down by over 6% year-to-date.
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Washington Times BusinessThe other big factor moving stocks recently has been the bond market, where longer-term Treasury yields climbed through the summer on worries about high inflation, huge government debts and other factors. High yields make it more expensive for everyone to borrow, not just the government, and have already been pushing up mortgage rates and hurting the housing industry.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 MarketWatch Need to Know Wall Street’s massive bet against long-term bonds is a recipe for a painful bearish unwind, says Citadel Securities
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02 Bloomberg Traders Hedge for Bigger Dollar Rebound on Warsh’s Speech Currency traders are increasing hedges for further gains on the dollar ahead of a key speech from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium on Friday.
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03 CNBC Treasury yields were slightly lower on Thursday as investors geared up for jobs data and the start of the Federal Reserve's closely watched annual economic symposium in Jackson Hole, the first under Chair Kevin Warsh.
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04 Epoch Times Business The Federal Reserve opened its multi‑day Jackson Hole Economic Symposium in Wyoming on Aug. 26, an event one market watcher said could be one of the “more meaningful” gatherings in some time.
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05 RealClearMarkets We’re getting worried about the falling dollar. If we look at the rising gold price in the last two months, that usually signals higher prices for everything else.
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06 Washington Times Business NEW YORK — U.S. stocks are drifting Monday ahead of a week packed with potentially market-moving events. The areas of the bond market that the U.S. Treasury Department is trying to calm down, meanwhile, eased a bit.
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