Episode Details

Fed Chair Kevin Warsh delivered a deliberately vague speech at Jackson Hole, refusing to signal where interest rates are headed—sending markets scrambling for clues. While inflation shows slight improvement, underlying trends remain stubborn, hinting at possible rate hikes if prices don’t cool. Warsh’s stance, aimed squarely at traders, signals a new Fed playbook: stop expecting clear guidance. This comes amid political pressure from President Trump and Treasury Secretary Bessent, who’s trying to manipulate bond markets for lower borrowing costs. Markets now price in a higher chance of a rate hike next month—something Trump may not appreciate. Meanwhile, Asda is quietly rebounding under new CEO Allan Leighton, posting its first quarterly growth in over two years with rising food sales and improved online performance—but shoppers remain cautious until after October’s Budget.

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