Kevin Warsh spoke — what did we learn? With Torsten Slok

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• 00:00

  At 8 a.m. Mountain Time on Friday, August 28th,

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  all eyes were on Kevin Warsh, the chairman of the US Federal Reserve.

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  He was opening the Jackson Hole Economic Policy Symposium,

• 00:15

  an annual gathering of VIPs in the world of monetary policy.

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  The economic backdrop was almost as dramatic as the scenery.

• 00:24

  Bond yields at 19-year highs, inflation stubbornly above 2%, and a US president clearly keen to keep interest rates low.

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  So, what happened?

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  What did we learn from Warsh's speech about monetary policy, the path of the US economy, and the global economy?

• 00:48

  This is the Economics Show with Soumaya Keynes.

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  I'm joined this week by Torsten Slok, chief economist at Apollo Global Management,

• 01:14

  Torsten, hello!

• 01:15

  Hello Soumaya, thank you so much for having me.

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  Okay, so on a scale of one to ten, a very precise scale, how important do you think this speech was?

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  So ten being absolutely pivotal, one being completely irrelevant.

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  And just so listeners don't switch off, please don't say one.

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  The answer is ten.

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  This was really, really important.

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  He could talk about really anything in this speech, and what he decided to talk about was absolutely critical

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  because there has been a lot of questions around what is Fed communication, what is their goal, what are their instruments.

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  So having more clarity about that and delivering that clarity today was absolutely critical.

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