We present an in-depth study of the large-scale, western jet of the microquasar XTE J1550−564, based on X-ray and radio observations performed in [2002][2003]. The jet is spatially resolved in both observing windows. The X-ray jet is expanding in time along the axis of the jet's propagation: we observe the formation of a tail (∼2.25 ), which appears to extend backwards with an apparent velocity ∼ −0.10c. The origin of this feature is discussed in the framework of scenarios of energy dissipation. A single power-law adequately describes the broadband spectra, supporting a synchrotron origin of the X-ray emission. However, a spectral break at ≈10 15 Hz is necessary in coincidence with a re-flare at 8.64 GHz in September 2002. This finding may be indicative of emission from newly accelerated low-energy particles. The first detection of the jet is in February 2001 (F 8.64GHz =0.25±0.09 mJy) in the flux rising phase. A phase of stable emission is followed by a rapid decay (t decay =167±5 days). The decay at radio frequencies is significantly shorter than in X-rays (t decay =338±14 days). We detected a high fraction (up to ∼9%) of linearly polarized radiation at 4.8 GHz and 8.6 GHz. The orientation of the electric vector is consistent with the picture of a shock-compressed magnetic field, and there are hints of variations on month-timescales, possibly connected with the evolution of the jet structure.