Algebris global credit portfolio manager Gabriele Foa said he expects Fed chair KEVIN WARSH to deliver a material update on how the Fed will respond to inf in Friday's Jackson Hole remarks, after mixed signals at July's press conference. Foa said the Fed's avoidance of explicit forward guidance has left unusually large uncertainty around its policy reaction function, steepening the U.S. Treasury yield curve as long-end yields become the primary channel of adjustment. He added this partly contrad

Algebris global credit portfolio manager Gabriele Foa said he expects Fed chair KEVIN WARSH to deliver a material update on how the Fed will respond to inf in Friday's Jackson Hole remarks, after mixed signals at July's press conference. Foa said the Fed's avoidance of explicit forward guidance has left unusually large uncertainty around its policy reaction function, steepening the U.S. Treasury yield curve as long-end yields become the primary channel of adjustment. He added this partly contradicts Bessent's effort to lower long-term yields and may indicate weaker Fed–Treasury coordination than some market participants had expected.