Editorial companion

What stands out

Kevin Warsh used his first Jackson Hole speech to give central bankers and markets a clearer map of how he sees the economy and the Fed’s path ahead, even while leaving the exact timing and count of future rate hikes open. Bloomberg’s Joe Weisenthal points out that Jackson Hole is where formal policy talk meets the hallway chatter that often moves expectations. The speech matters because it switched the debate from guessing whether the Fed will act, to parsing how it will think about tradeoffs amid rising oil and political pressure on the central bank.