1. Just Jay
Tomorrow in Jackson Hole Fed Chairman Jerome Powell will give a speech.
What I want to talk about today is why it should be a big deal—why Powell should use this speech to take a hard stance against Trumpism.
But also: Why he won’t. This is one of those asymmetry discourses where we unpack why it is that the the authoritarians can do and say whatever they really think while liberal institutions contort themselves to pretend that ThisIsFineDotGif.
Trigger warning: It might make you mad because it’s not really about basis points. It’s about power.