"Kevin Warsh came in with an agenda of change" that faces a heap of headwinds, says Axel Merk. He breaks down the key points from the new Fed Chair's Jackson Hole speech last week and what it means for equities and commodities. Turning to the bond market, Axel calls the U.S. Treasury's bond buyback plan a "political" move that conflicts with Warsh's plans for the FOMC. He highlights how the August jobs report can create further confusion when it comes to interest rates.