Editorial companion

What stands out

Kevin Warsh walks into Jackson Hole with a spotlight on a single question, can the Federal Reserve (Fed) defend its independence while markets reel from the Treasury’s recent intervention in the bond market. Bloomberg’s Tom Keene and Henrietta Treyz zero in on what investors will parse from his remarks: signals on inflation, market volatility and whether monetary policy remains separate from fiscal pressures. Add geopolitical jitters and television chatter about oil trading above $100, and Jackson Hole looks less like an academic confab and more like a live test of central-bank credibility.