Had the pleasure of joining @cvpayne at Fox this afternoon. Thanks for having me, Charles - always a big pleasure. The consensus take now seems to be: “bad for risk assets, rate hikes coming.” after Jackson Hole. I’m not so sure much changed on Friday. Warsh wasn’t the productivity dove I had hoped for, and the market now treats a September hike as the base case. Apparently, everyone suddenly thinks the man who refuses to give forward guidance just forward-guided a hike… lol. But run the language through a quant lens, and something important stands out.. He did NOT set a new hawkish peak. That was my main message.