Everyone left Jackson Hole convinced Warsh is about to hike. Cem Karsan @jam_croissant is calling the opposite right here.
His read is that the hawkish talk was never about policy, it was a defense of the dollar. Bessent said the quiet part out loud yesterday: you do not raise rates into a supply shock.
🚨MYSTERY: Did Kevin Warsh’s carefully worded “hike” references FOOL the algos?
An unusually specific sequence in Fed Chair Warsh’s remarks is raising eyebrows.
In the first few minutes of his JacksonHole speech, Warsh used the word “hike” three times while discussing hiking trails, without referring to interest-rate hikes.
He also avoided the phrase “forward guidance,” instead describing his speech outline as a “trail map.”
Warsh ended one sentence with “hike” before beginning the next thought with “interest rates”, a combination that appears to have coincided with gold and silver gaining by nearly 1% before erasing $730 BILLION in combined value in mere minutes.
Some algos may have misread the hiking references as rate-hike guidance, triggering automated trades while effectively interpreting a discussion about hiking trails as monetary-policy guidance.
🚨 JUST IN: Bad*ss footage has emerged of Twin Fills, Idaho shooting hero Jordan Salinas — training his entire life up to the moment HE SAVED LIVES in a FEARLESS show of courage
THAT IS AN AMERICAN WHO LOVES THE 2ND AMENDMENT 🔥
Give him a high civilian honor! 🇺🇸
You can buy this set of silver certificates on eBay for $31.99. According to Treasury Secretary Bessent, you can take each set to Fort Knox and claim your five silver dollars. Silver dollars sell for about $60 each on eBay. So a $32 purchase gets you $300 worth of silver dollars.