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How Kevin Warsh's Three Keywords Signal Fed Policy
Fed Governor Kevin Warsh has zeroed in on three specific phrases that market watchers use to decode the central bank's next move. On this episode of The Macro Memo, Lucas and Luna break down what 'patient,' 'data-dependent,' and 'balanced risks' really mean — and why Warsh's choice of words matters more than ever. With jobless claims at 187,000, GDP growth rebounding to 2.1%, and core PCE still sticky at 130.1, the Fed is navigating a tricky landscape. Lucas explains how each phrase maps to current data, and why the bond market is pricing in a hold…
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