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Kevin Warsh Said a Whole Lot of Nothing: Markets Have Knee-Jerk Reaction
Note: My screen was not sharing during today's recording. Apologies to everyone watching on YouTube.
Kevin Warsh held his first press conference as Federal Reserve Chair and said a whole lot of nothing. Yes, he used some hawkish language around price stability, yes the dot plot leaned hawkish, and yes he mentioned task forces looking into the inflation target and the federal balance sheet. But task forces are a stalling tactic. Anytime a new Fed chair creates a committee to study something, that means he is buying time. The market sold off hard and then recovered overnight, which is exactly…
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