The era of forward guidance is over. What’s next for bonds?

The era of forward guidance is over. What’s next for bonds?

Fed shifts away from forward guidance under Chair Warsh, boosting volatility.

Warsh Jackson Hole Speech Kills Forward Guidance And Yields React

The consensus read of the Warsh Jackson Hole speech is that a hawkish Fed chair rattled markets. What that framing skips is the more precise claim underneath:

That’s Not the Warsh of It: The End(ish) of Forward Guidance and the Rise(?) of Treasury Monetary Policy

This is a free piece of Notes on the Crises. Take out a paid subscription to support our work here. Publisher Note: I’ve been off for two weeks because of a family medical emergency. Everything is fine now, but as you are likely aware, medical emergencies take