Episode 002. This Is Not Your Father's Fed

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

Charts Used:

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