Jackson Hole has begun and the hawkish messaging is clear. Kansas City Fed President Esther George said: “It’s very important that we are clear in our communication about the destination we are headed... We have to get interest rates higher to slow down demand and bring inflation back to our target." Perhaps most notably, George stressed that: "We want financial conditions to tighten along with the direction we are moving around policy." And as Nomura's Charlie McElligott has been stressing recently, the market just isn't acquiescing. In fact, since the start of July, despite all the hawkish FedSpeak, financial ... (full story)