Warsh Stays Mum Ahead of Jackson Hole Address
New Federal Reserve Chair Kevin Warsh will address the annual economic symposium in Jackson Hole, Wyoming, for the first time.
The markets are eager to hear some certainty from Warsh on Friday, but it's unlikely they'll get it based on his behavior so far as chair. He has been reluctant to comment on interest rate decisions and other monetary policy, telling reporters he was approaching the speech as a 'blank piece of paper'.
Warsh's tight-lipped style has added tension to bond markets, where long-term Treasury yields have risen in recent months. While higher borrowing costs can tighten financial conditions without an explicit Fed rate hike, other forces are also pushing yields up, including inflation concerns and growing government and corporate debt issuance.