Show Notes
Two meetings have passed under Warsh and the pattern emerging is more reserved communication, some family infighting, and an uncertain market.
Chapters 00:00 - The Fed Put & Market Expectation 00:51 - Introduction & "Rational Dissent" Overview 01:22 - FOMC Meeting Recap & Warsh's Agenda 02:30 - Removing Forward Guidance: History & Impact 06:18 - The Risks and Moral Hazard of Forward Guidance 11:15 - Warsh's Vision: Independent Markets Check the Fed 13:36 - The Unintended Consequences of the Fed Put 15:38 - The "Good Family Fight": Dissents & Board Dynamics 18:18 - Historical Perspective on Fed Dissents (Volcker to Present) 25:34 - Reaction Function vs. Forward Guidance 30:30 - Lightning Round: Biggest Risks of Warsh’s Approach 33:41 - Closing Remarks & Wrap-Up
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