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In brief Fed Chair Kevin Warsh delivered his first Jackson Hole keynote on his 100th day in the job, formally declaring that forward guidance—verbal hints about future rate moves—has "overstayed its welcome." Warsh footnoted his own 2022 essay on cryptocurrency and the dollar while arguing that "money" deserves closer Fed attention. The Fed's preferred inflation gauge sits at 3.7% annually, nearly double its 2% target.
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