WEEKLY MACRO | The Fed Faces Three Flashpoints This Week — Markets Are Priced for None of Them

FOMC minutes, a Fed governor's board fight, and Warsh's first Jackson Hole keynote land in the same eight days, while the VIX curve prices the outcome as a foregone conclusion.

The S&P 500 closed last week at 7,785.76—its third straight weekly gain and yet another fresh record.

The Russell 2000 surged 3.15% to an all-time high of its own, while the Nasdaq Composite notched its third consecutive winning week to finish at 26,729.16.

With the VIX sliding to around 14.85—its fourth straight weekly decline and lowest close since la…