👀 MYSTERY: Did Kevin Warsh’s “hike” remarks trick the algorithms?
Warsh mentioned “hike” three times during his Jackson Hole speech—but he was talking about trails, not rate hikes. He sidestepped the term “forward guidance,” instead describing his vision as a “trail map.” Moments after ending one sentence with “hike” and beginning the next with “interest rates,” gold and silver surged almost 1%. Minutes later, that gain vanished, wiping out $730 billion in value. The likely culprit? Algorithms misreading the context, mistaking hiking trails for rate hikes and triggering a wave of automated trades.
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