What Warsh Didn't Say Matters More

Kevin Warsh’s Jackson Hole speech signals less Fed forward guidance, increasing market uncertainty and likely volatility. With inflation running above target and robust profit growth, I see a higher probability of near-term rate hikes over cuts. Current rates are not restrictive; borrowing and spending remain strong, suggesting further tightening may be necessary. I favor index-linked option ETFs for yield amid rising volatility while sizing credit fund positions cautiously due to rate risk.