Lèse-majesté, American-style.

In an hourlong interview, he said his industry was downplaying the risks, which he believes include mass unemployment and bioterrorism.

Kevin M. Warsh is scheduled to deliver his first address at the Federal Reserve’s annual conference in Jackson, Wyo., with U.S. government bond markets on edge and inflation risks resurfacing.

Forced away from the Strait of Hormuz in the Persian Gulf, the Saudis turned to the Red Sea. Now they are relying on a less dangerous but more complicated detour via the Suez Canal.