Kevin Warsh's first Jackson Hole address as Fed chairman, in full. The line to hear is at 27:02: responsibility for 65 months of sustained, elevated inflation, he says, "sits squarely with the central bank, and that's where it belongs." He also sets out to end forward guidance as a regular practice, says he would be hard pressed to call financial conditions restrictive with PCE inflation at 3.7%, and argues the Fed should not indulge a regime where markets look to it for their next trade. Timestamps 0:00 Jackson Hole, and a joke about hiking with Don Kohn and Ben Bernanke 2:18 The outline, and "please just don't call it forward guidance" 3:19 AI as a hinge point, and the end of the secular stagnation consensus 4:34 Token sales up 500% in twelve months 6:40 A new Fed task force on productivity and jobs 7:11 Why forward guidance has outstayed its welcome 10:21 The Hall of Mirrors, and who actually pays for it 13:52 Six principles for the conduct of monetary policy 15:33 "Price stability is not self-executing" and the firm 2% target 18:03 His read of the economy, and the July minutes 19:29 CapEx up 9%, S&P profits up more than 20% 21:03 "Hard pressed to describe broad financial conditions as restrictive" 22:07 Jobless rate at 4.1% and broadly consistent with full employment 23:08 PCE inflation at 3.7%, and why the summer readings do not settle it 27:02 65 months of elevated inflation, and where the responsibility sits 27:34 "Committed to a discipline, not a decision" #KevinWarsh #FederalReserve #JacksonHole #Inflation #Fed #YahooFinance == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace?ncid=100003571