To The Moon

MORNING BID EUROPE-Warsh heads into Jackson Hole hot seatA look at the day ahead in European and global markets from Rae WeeAll eyes are on a speech from the world's most powerful central banker later on Friday, with investors focused on what Federal Reserve Chair Kevin Warsh says aboutinflationand, specifically, how he intends to get it back down to target.It's likely he could underwhelm expectations, given Warsh's reluctance in providing forward guidance, but at the very least markets will be hoping for a clearer reconciliation between recentpolicy decisionsand the hawkish inflation rhetoric.While a steep selloff inU.S. Treasurieshas abated for now, yields remain well above their levels at the start of the year, partly reflecting investors' doubts about the Fed's ability to keep inflation in check.Markets turned cautious ahead of the speech, with U.S. futures dipping lower while European futures nudged higher.It isn't just the Fed that has a credibility issue. The U.S. Treasury Depar