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What I’m watching at Jackson Hole isn’t only the next rate decision. Kevin Warsh seems to be thinking about something much bigger how the Fed actually operates and communicates policy. Since taking over, Warsh has already pushed for a fresh look at Fed communication, the balance sheet, economic data, productivity and the inflation framework. To me, that’s more interesting than trying to guess whether the next move is a hike, hold or cut. Personally, I like the idea of questioning whether the old framework still fits today’s economy. AI investment is changing productivity, government borrowing is huge, and markets react to every sentence from the Fed. Maybe relying so heavily on forward guidance isn’t always helpful. But there’s also a risk. Less guidance means markets have to do more guessing, and we’ve already seen how quickly rate expectations can move when the Fed’s message isn’t clear. #WalshPolicyFramework $BTC