"Anchors away." Once the nominal anchor slips, markets stop navigating by it—they start navigating by politics, debt arithmetic, and inflation expectations instead. The political calendar becomes the new reaction function.
Jesse Felder’A chairman who names his target, explains his reaction function, and then demonstrates that he will act on it makes the fiscal authority’s problem harder and his own easier, while a chairman who names nothing at all makes precisely the opposite trade.‘ marketmonetarist.com/2026/08/01/w...