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👋Good morning. There's a specific flavour of Thursday where the week stops warming up and starts actually happening — past the early week scramble, not yet the Friday wind-down, just business, properly underway. This week, that's true in the most literal sense: up in Jackson Hole, Wyoming, roughly 120 of the world's most powerful economic minds have gathered in the mountains to argue, politely, about money. New Fed Chair Kevin Warsh takes his first bow at the podium there this week, and every small business owner who's ever winced at a loan rate should be watching. Because whatever gets said in that room about inflation, rates and the future of payments doesn't stay in Wyoming — it ripples straight into your overdraft, your mortgage, your next big spending decision. Speaking of ripples, yesterday's news cycle had plenty of its own.
