Excess Returns · Monday, August 31, 2026
There's a discussion about the Federal Reserve's potential shift away from forward guidance. This change could mean that market participants will have to rely less on explicit Fed communication and more on market signals.
“What Warsh just said at Jackson Hole is top of mind for us as investors. This, this forward guidance going away thing is very, very real.”
“I appreciate the framing of what was it, play the ball, not the referee, that idea that that's me. Yeah, yeah, exactly. I guess I appreciate that framing.”
“But I still find this unsettling for some reason.”