The most closely watched speech in central banking arrives at an awkward moment for the man giving it.
Federal Reserve Chair Kevin Warsh takes the podium in Wyoming on Friday morning with government borrowing costs high, inflation stalled well above target and US Treasury Secretary Scott Bessent already stepping into the bond market to hold yields down.
The symposium itself explains why this matters. Hosted by the Federal Reserve Bank of Kansas City since 1978 and held at Jackson Lake Lodge in Grand Teton National Park since 1982, it gathers roughly 120 central bankers, academics and policymakers from more than 70 countries for three days of papers and panels.
This year's theme is "Financial Innovation: Implications for Payments and Policy". Its significance is one of timing, as the event always falls between scheduled Fed meetings, making Warsh's Friday keynote one of the few moments when policy direction can be signalled outside a formal decision.
The Fed Chair has been unambiguous about the destination.
