The MUFG Global Markets Podcast
Aug 26, 2026 · 22 min · 10 segments
Joining us in this special podcast, George Goncalves, MUFG Head of Macro Strategy and Agron Nicaj, MUFG’s US Desk Economist preview what to expect from the Fed’s Jackson Hole Symposium. The Macro…
George GoncalvesGuestJohn CookHost
Agron NicajGuestAnd incidentally, this will be Warsh's first keynote speech at the Jackson Hole Symposium.
But what are you looking for on Friday? And what are the risks that you see around those three scenarios that you've laid out? You know, perhaps like, you know, let's say that he doesn't do one of those scenarios or he veers a little bit, you know, talk that through for our listeners.
We see three potential options scenarios of many options, and we just want to distill them into three possible outcomes.
One, which has been what we've been seeing a lot in the last couple of times that Chair Warsh has spoken, it's kept his views close to the vest around what is his reaction function.
Even at the press conference, In July, he did mention that he's not clear what sort of speech he was going to give, either some sort of medium term outlook or what to look for in the next couple of quarters.
So we're going to find out, did he take the option of a more longer term shelf life piece? The symposium is geared around digital payments and the evolution thereof and the interaction with monetary policy that could, he can strict strictly just kind of stay focused on the digital side of the conversation.
We don't think he's going to do that, but it's clearly always a possibility given that he's been kind of hesitant on giving for guidance or he could take what we kind of suggest is more of a balanced neutral approach.
Um, and speak about the topics that are, um, germane to the conference, like digital, but then transition towards the end and say, let's turn our attention to kind of current events and macro conditions and rates.
I think that's more likely what he'll do and just kind of give some sort of latest thinking in context of what's happening and how to think about the recent developments in the economy.
And then option three is really what the wish list, what the markets want, which is like, you know, kind of flips the script and goes and really explains how things are evolving around the task forces, really provides updates, metrics that they're starting to capture, how things are evolving and how that's going to help modernize the Fed.
So those are the three kind of, big potential options that Warsh may choose to kind of deliver the message on Friday.
And incidentally, this will be Warsh's first keynote speech at the Jackson Hole Symposium.
But what are you looking for on Friday? And what are the risks that you see around those three scenarios that you've laid out? You know, perhaps like, you know, let's say that he doesn't do one of those scenarios or he veers a little bit, you know, talk that through for our listeners.
We see three potential options scenarios of many options, and we just want to distill them into three possible outcomes.
One, which has been what we've been seeing a lot in the last couple of times that Chair Warsh has spoken, it's kept his views close to the vest around what is his reaction function.
Even at the press conference, In July, he did mention that he's not clear what sort of speech he was going to give, either some sort of medium term outlook or what to look for in the next couple of quarters.
So we're going to find out, did he take the option of a more longer term shelf life piece? The symposium is geared around digital payments and the evolution thereof and the interaction with monetary policy that could, he can strict strictly just kind of stay focused on the digital side of the conversation.
We don't think he's going to do that, but it's clearly always a possibility given that he's been kind of hesitant on giving for guidance or he could take what we kind of suggest is more of a balanced neutral approach.
Um, and speak about the topics that are, um, germane to the conference, like digital, but then transition towards the end and say, let's turn our attention to kind of current events and macro conditions and rates.
I think that's more likely what he'll do and just kind of give some sort of latest thinking in context of what's happening and how to think about the recent developments in the economy.
And then option three is really what the wish list, what the markets want, which is like, you know, kind of flips the script and goes and really explains how things are evolving around the task forces, really provides updates, metrics that they're starting to capture, how things are evolving and how that's going to help modernize the Fed.
So those are the three kind of, big potential options that Warsh may choose to kind of deliver the message on Friday.
The rest of this transcript — segmented and speaker-labeled, so you land on the exact moment something was said
Search every transcript — by keyword, by phrase, or by meaning, across every show Radar indexes
Trends — what is surging across podcasts, measured against its own baseline
Alerts — when a name you follow appears in a newly indexed episode
No account is needed to search Radar.
