Warsh ADMITTED 5 Years Above 2%. Emergencies Only Now.
リアクション
2026年08月29日
Kevin Warsh used his first Jackson Hole keynote as Federal Reserve chair to admit the 2% price target has been missed for more than five years, and then wrote the emergency toolkit out of normal policy in a single line on page nine: "Short term interest rates are the predominant tool to achieve the dual mandate. Unconventional policies to spur economic activity may suit genuine crises but should otherwise be used sparingly if at all."
Jim Rickards read the speech before any news coverage and says the omissions carry more than the text: a chair relaxed about 4.1% unemployment, unhappy about inflation, and expected to raise rates, though not in September.
In this episode:
Warsh's Jackson Hole admission, the "In Our Time" title, and what "sparingly if at all" removes from the playbook.
The "Treasury put": Washington reversed its own bond policy in about three weeks, funding a hugely extended long bond buying programme with short term bills, with yields effectively capped near 4.75% on the 10 year and 5.30% on the 30 year, and the size able to at least double.
The other camp on Wall Street, where the recession narrative is called "completely false" after two years of full employment, and why a strong consumer removes the automatic brake on prices.
Gold's violent round trip, $5,400 to $3,900 and back near $4,500, and why giving back only about 1% on a hawkish speech is the part worth noticing. Rickards repeats his $10,000 call; another veteran says he owns gold and silver and is buying neither right now.
The strangest line on a public balance sheet: the Fed's gold certificate, still carried at $42 an ounce since 1934, covering exactly 8,133 metric tons. Marked near today's price, the gap is roughly $1 trillion, and it would land in the Treasury General Account with no vote, no auction and no new bonds, against a national debt that has now passed $40 trillion.
Sources discussed in this episode: ITM Trading (Jim Rickards interview), Adam Taggart / Thoughtful Money, Wealthion, Felix & Friends.
Which of the five stories hit you hardest, and which city are you watching from? Comments in the first hours decide how far this video travels, and I answer as many as I can.
This channel is independent news commentary and analysis. It is not financial, investment, tax or legal advice, and nothing here is a recommendation to buy or sell anything.
#Fed #FederalReserve #JacksonHole #Warsh #Treasury #Bonds #Inflation #Gold #NationalDebt #Macro
Jim Rickards read the speech before any news coverage and says the omissions carry more than the text: a chair relaxed about 4.1% unemployment, unhappy about inflation, and expected to raise rates, though not in September.
In this episode:
Warsh's Jackson Hole admission, the "In Our Time" title, and what "sparingly if at all" removes from the playbook.
The "Treasury put": Washington reversed its own bond policy in about three weeks, funding a hugely extended long bond buying programme with short term bills, with yields effectively capped near 4.75% on the 10 year and 5.30% on the 30 year, and the size able to at least double.
The other camp on Wall Street, where the recession narrative is called "completely false" after two years of full employment, and why a strong consumer removes the automatic brake on prices.
Gold's violent round trip, $5,400 to $3,900 and back near $4,500, and why giving back only about 1% on a hawkish speech is the part worth noticing. Rickards repeats his $10,000 call; another veteran says he owns gold and silver and is buying neither right now.
The strangest line on a public balance sheet: the Fed's gold certificate, still carried at $42 an ounce since 1934, covering exactly 8,133 metric tons. Marked near today's price, the gap is roughly $1 trillion, and it would land in the Treasury General Account with no vote, no auction and no new bonds, against a national debt that has now passed $40 trillion.
Sources discussed in this episode: ITM Trading (Jim Rickards interview), Adam Taggart / Thoughtful Money, Wealthion, Felix & Friends.
Which of the five stories hit you hardest, and which city are you watching from? Comments in the first hours decide how far this video travels, and I answer as many as I can.
This channel is independent news commentary and analysis. It is not financial, investment, tax or legal advice, and nothing here is a recommendation to buy or sell anything.
#Fed #FederalReserve #JacksonHole #Warsh #Treasury #Bonds #Inflation #Gold #NationalDebt #Macro
