Editorial companion

What stands out

At Jackson Hole, Warsh gave a set of remarks that Bloomberg’s panel called enough to "restore some Fed credibility," and the clip ties that moment directly to inflation dynamics and the strange new world of currency intervention. Federal Reserve (the Fed) credibility is not an abstract; it anchors inflation expectations, which in turn rearrange bond yields, equity multiples and corporate planning. The segment also flagged renewed attention to Japanese yen intervention, a reminder that central banks can still surprise markets beyond policy rates.