On August 21st, we sat down with Dan Roberts to record this episode—just a day before Jerome Powell took to the stage at Jackson Hole. We wagered he would sound dovish. He did. The Fed chair even raised the specter of wage-price spirals, a subject we had dissected ourselves only hours earlier. Our conversation ranges from the fragility of credit markets to the tell-tale canaries in the coal mine that may yet shape monetary policy. They are surely among the concerns weighing on Mr. Powell as he calibrates his next move. Enjoy!