The Chicago Fed's National Activity Index slipped to −0.08 in July, a below-trend reading, just as Minneapolis Fed's Kashkari turned hawkish and Kevin Warsh drew fresh scrutiny as a possible Powell successor ahead of Jackson Hole.
Archived FOMC submissions from Kevin Warsh's governorship show him alone projecting unemployment near 8% alongside 2% inflation looking to 2013 at the January 2011 meeting, a more pessimistic read on productive capacity than peers held ahead of his Jackson Hole debut. Source
