Kevin Warsh is now leading the Fed. His main challenge is a doozy. - CBS News
Macro
Kevin Warsh has been sworn in as Fed Chair, replacing Powell, with Trump seeking accelerated rate cuts and Warsh promising 'regime change' at the central bank. The transition creates significant uncertainty around Fed independence, inflation expectations, and the rate path — a setup that reprices duration, dollar, and rate-sensitive equities.
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↔ PAIR+8% target-4% stop4-8 weeks into first Warsh FOMC meeting
Short TLT / long GLD as Warsh-era Fed independence premium erodes — political pressure for cuts into sticky inflation is a classic stagflation hedge setup.