Kevin Warsh se estrena en Jackson Hole entre la espada y la pared por la tormenta en el mercado de deuda

This year, a new figure will take the stage at the central bank forum opening in Jackson Hole, Wyoming, on Friday. Kevin Warsh, the newly appointed president of the Federal Reserve, is set to deliver his first speech at this highly anticipated event. Despite his well-known reluctance to disclose approaches and strategies, expectations for the content of his address are running high. Recent market pressures have only intensified this anticipation.

Over the past few days, interest rates on U.S. bonds have soared to levels unseen in two decades. The market responded with surprise and disappointment after Warsh's press conference in late July, during which the Fed kept rates unchanged while giving no hints of how it might moderate inflation. Investors now anticipate a more decisive message and clearer signals beyond Warsh's theoretical commitment to curbing inflation.

If Warsh remains as opaque as he has been in his past speeches, he risks exposing his own credibility. The market may react by pushing up the yields on bonds even further, exacerbating the sense of credibility erosion following his July appearance.