Warsh's 'Work to Do': Semis Reverse as Mega-Caps Paper Over a Hawkish Tape
Warsh's first Jackson Hole keynote opened the door to a September hike; odds jumped toward 50%. The S&P is only about 0.2% lower because Amazon, Apple, Microsoft and Alphabet are catching up, while Nvidia, Marvell and the SOX reverse Thursday's AI bid. Gold and bitcoin are doing the duration work th