Good morning, you're listening to Markets Desk.
At Jackson Hole, incoming Fed Chair Kevin Warsh is working to steady investor confidence as economic strain signals continue to build. Economists have taken aim at his communication approach, and with policymakers converging on Wyoming, markets are watching closely for any shift in rate guidance or forward language.
Pivoting to equities, Michael Burry has exited his Alibaba position, calling the stock overvalued and saying he has no intention of returning. He disclosed the move on Substack, noting he has built a large stake in JD dot com instead, and that Alibaba shares would need to fall by half before he would reconsider. It is a sharp rebuke from one of the market's most closely watched contrarian voices.
Meanwhile, on the political front, House Democratic leader Hakeem Jeffries has met with Jared Kushner as the midterm cycle heats up. Democrats are currently favored to retake the House majority in November, and the optics of that meeting are drawing attention on both sides of the aisle, signaling that dealmaking conversations are already in motion well before election day.
That's the tape. Markets Desk, signing off the floor.
