❗️No forward guidance. Gold fell 3.5% anyway.
Warsh gave no signal at Jackson Hole and markets still repriced. PCE is running 3.7% against a 2% target, and he refused to call current conditions restrictive.
September hike odds: 35% → 57%.
With no guidance, the data does the moving. Next test is payrolls, Friday 4 Sep.

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11August 31, 2026 2.5K 1