Editorial companion

What stands out

Kevin Warsh heads into Jackson Hole under heavy scrutiny after the Treasury’s intervention in the bond market blurred the traditional boundary between fiscal and monetary policy. Investors will dissect his remarks for any signal on the Federal Reserve’s (Fed) willingness to keep fighting inflation, to tolerate market volatility, or to cede independence after what looked like a coordinated backstop. With economic and geopolitical uncertainty already elevating term premia, a confident defense of central-bank autonomy would be the clearest short-term fix for risk assets.