After Kevin Warsh took over the Federal Reserve this spring, he said he wanted investors to watch the economy, not the Fed: Play the ball, not the referee.
Last week, the referees stepped in.
In quick succession, the other two members of the chairman's traditional inner circle, New York Fed President John Williams and Vice Chair Philip Jefferson, signaled that the central bank was in no hurry to raise interest rates again this month. Investors' odds on an October increase, which had steadily climbed to around 70% after Warsh explained his thinking behind last month's rate rise, tumbled to around 25% before last Friday's jobs report, which pushed them lower still.
Fed officials have long fretted that signaling their next move can trap them into a course they might later decide isn't warranted. That concern is central to Warsh's approach to communicating.
Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.
Planning & Investing
What Oura's Stalled IPO Tells Us About One-Hit Wonders
Oura pitched itself as a tech platform, but investors saw through that.
Market Talk
From Dow Jones Newswires
India's central bank is likely to raise its policy repo rate by 25 bps to 5.50% on Wednesday, according to nine out of 10 economists polled by The Wall Street Journal. Rising energy costs and a sharp pickup in food prices are expected to push CPI inflation back above the Reserve Bank of India's target range, and it'll likely raise rates to prevent inflation expectations from de-anchoring, ING economists write in a note. UOB economist Jester Koh noted from the MPC meetings in August that several members said that while rate hikes on the horizon, they are adopting a wait-and-see approach first. Koh expects the RBI to be on pause before delivering two back-to-back 25bps rate hikes. (kimberley.kao@wsj.com)
Demand for 24/7 trading in the U.K. is minimal, Euroclear's head of product strategy, Kate Lowe, says at the Digital Assets Week conference in London. Traders are currently more occupied with adapting to the requirements around the move to T+1 trading-the settlement of trades within one day of a trade-rather than round-the-clock trading made possible in part by tokenization, Lowe says. Developing technology to facilitate 24/7 trading is more straightforward than the legal and regulatory complexities required for it to run smoothly, Lowe adds. (josephmichael.stonor@wsj.com)
Barron's Advisor
Aly Kassim-Lakha Says Aspen Standard Is 'Permanent Home' for Independent Advisor Practices
The private-equity veteran says his PE-backed wealth management platform wants to support advisers over the long haul.
Business & Practice
Why Hollywood's Most Iconic Studio Is Being Sold-Again
WSJ's Ben Fritz explains what went wrong at Warner Bros., once the gold standard for Hollywood.
Impact Investing
Disney's Top Lawyer Is a 'Pragmatist' Facing His Biggest Fight Yet
Horacio Gutiérrez battled regulators at Microsoft and took on Apple at Spotify. Now he's leading Disney's First Amendment clash with the Trump administration.
Talking Points
Aspen's Airport Renovation Has Become a Fight for the City's Future
Aspen has been soul-searching for half a century, since hippie ski bums began ceding ground to luxury real-estate developers. But the question of its identity has become more urgent as the city of roughly 7,000 has transformed into a year-round billionaire retreat.
Travel & Lifestyle
A Viewer's Guide to Warren Buffett's Nightly Trips Down the YouTube Rabbit Hole
Glenn Close clips. 1950s commercials. Uzbekistan's version of 'America's Got Talent.' The legendary investor can't resist the algorithm either.
Beyond the Newsroom
WSJ | Buy Side: The Best Apple and Tech Deals from Amazon's Prime Big Deal Days