Is Risk-On Too Risky? | Macro Mondays: August 31, 2026

Andreas Steno and Mikkel Rosenvold are back to unpack Kevin Warsh’s surprisingly hawkish message at Jackson Hole and what it could mean for markets. They also turn to the latest escalation in the Middle East following U.S. attacks on Larka Island. Is the war restarting, and could renewed geopolitical risk disrupt the market setup just as investors were beginning to embrace the bull case?

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Timestamps:

00:00 - Macro Mondays with Andreas Steno & Mikkel Rosenvold

00:23 - Kevin Warsh Turns Hawkish: Should Investors Pull Back on Risk?

02:01 - What Warsh’s Jackson Hole Speech Really Changed

03:31 - PCE vs CPI: Which Inflation Signal Should the Fed Trust?

06:22 - Warsh vs Bessent: The Battle Over Rates and Bond Yields

08:58 - September Rate Hike: Is the Market Overreading the Fed?

13:04 - Why One Rate Hike Probably Won’t Kill the Business Cycle

15:17 - US Strikes Larak Island: Is the Iran War Restarting?

16:46 - Strait of Hormuz, Crack Spreads, and the Next Inflation Trade