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Kevin Warsh’s quiet Fed in a face-off with Bessent’s Treasury

Kevin Warsh’s Jackson Hole speech signals a reluctance to promise policy, supports higher rates to tame inflation-raising dollar strength and pressure on emerging markets such as South Africa.

  • Kevin Warsh's 2021 Jackson Hole speech signaled hawkish stance for higher rates.
  • Warsh's speech clarified Fed's purpose to balance low inflation and full employment.
  • Warsh's quiet Fed approach contrasts with Jay Powell's communicative forecasts.

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