Ahead of the Federal Reserve’s annual migration to Jackson Hole, the press is focused on what breadcrumbs the central bank might, or might not, drop on its plans in respect of interest rates. Then there’s the question of how the Fed intends to normalize its swollen balance sheet — north of $7 trillion — at a time when investors are increasingly “nervous,” as the FT’s Gillian Tett says, about the monetary “distortions” caused by the Fed and other central banks.