Warsh spoils the gold party. Busy week ahead.

Today, a look at Fed Chair Warsh's hawkish posturings at the Fed's Jackson Hole, Wyoming symposium on Friday and the reaction across markets, which seemed most decisive for gold more than for the US dollar or risk sentiment more broadly. Also, we wonder how much more the market can get out of the Fed's hiking potential as we await the next move from Bessent and company at Treasury if US treasury yields rise from here. Much more in today's pod on FX and macro and the busy week ahead with host John J. Hardy, Saxo Global Head of Macro Strategy.

Links

• Michael Every was recently on Thoughtful Money recently and I found the discussion of stablecoins the most enlightening, a bit more into the specifics and the assumptions needed to make this work than I have heard previously from Every and others.
• Katie Martin wonders, as we also do on the podcast, when the "new age of financial repression" is coming.
• Mark Zuckerberg's Social Reckoning. (The New Yorker)
• A WSJ op-ed frets the risk of a US food crisis, in part on fertilizer supply chains that run through the Middle East and China 
• On X, Paulo Macro points out a string of recent magazine covers that should warm the hearts of AI bubble bears.

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