What will the US Fed do this week about interest rates? Fed chair Kevin Warsh was full of bravado at the Jackson Hole Symposium in August. He said he was concerned about inflation. But talking about inflation and doing something about it are two very different things.

There is every chance that he could chicken out. So, not only do we have TACO man – Trump Always Chickens Out at The White House, but we could be about to see WACO man – Warsh Always Chickens Out at the Federal Reserve.

Point is, the predicament that America finds itself in is of Trump’s own making. He bumbled into the Trump tariffs without even checking if it was enforceable. He bumbled into a war with Iran without considering an off-ramp, if…