10-Year Yield Rises After Powell Probe Dropped
10yr bond yield relative to CNBC's announcement at 10:17am ET that investigation into Powell has been dropped (clearing the way for Warsh) src for intra-day chart: BBG https://t.co/TpnqqO9bLw https://t.co/UOy5Qt22Dt
Rate‑cut Odds Tumble After Warsh Hearing, Retail Sales Drive Shift
What's priced in after Warsh's nomination hearing. Yesterday, here was a 54.5% chance of a rate cut in December; now it's 39.5%. Was it Warsh's testimony? Doubtful, as we had a strong retail sales report. (src: BBG) https://t.co/Xg7g7b7gXM
Inflation Trajectory Improves, but Work Remains Ahead
Warsh: the trajectory on inflation is improving, but there's more work to do This may well serve as a summary of his testimony as well.
Warsh: President only Suggested, Didn’t Demand Rate Cuts
Q: did the President ask you to lower rates? Warsh: he didn't require it, he didn't demand it. Question goes back and forth. Warsh is pretty clear - Warsh doesn't dispute that he may have been 'asked' to lower rates - he...
Fed Balance Sheet Cuts Must Be Gradual, No Fixed Target
What level should the balance sheet be at? Warsh: I haven't picked a number. The Fed should come to an agreement, it's taken 18 years to get to the balance sheet, it won't happen overnight. It should not hold long-term Treasuries....
Central Banks Must Act Differently in Crises, Leveraging Credibility
Warsh: central banks need to act differently in crisis versus other times. Those other times is when the credibility is built for the assertiveness during crises when they should be given the benefit of the doubt.
Digital Assets Already Woven Into US Financial System
Q: should digital assets be part of the fabric of the US financial system. Warsh: they already are.
Senate Banking Hearing Features Surprisingly Informed Questions
Listening to the various questions in Warsh's Senate Banking testimony, I'm impressed by the quality of the questions . Sure, there's political theater, but so far, questions are well informed. I can't say that about some other Committees.
Warsh Denies President Ever Pressured Him on Interest Rates
Warsh: the President never asked me to predetermine or fix any particular rate. The President never, once, asked me to any particular interest rate decision, period. Nor would I agree to it.
Fed Official Dodges Rate Question, Emphasizes Policy Lag
Warsh: I don't believe in forward guidance, I should not be previewing for you... VanHollen: I'm asking about your framework: what would happen if interest rates were lowered to 1% or less. Would that likely push up prices. Warsh: the Fed has...
Nominee Vows to Sell Undisclosed Assets Amid Ethics Probe
Warren: it's critical that the next Fed chair has no financial conflicts. Do any of your non-disclosed holdings invest in companies affiliated with Trump or his family businesses or Epstein. Warsh: I've worked with the government ethics office. Warren: are you refusing...
Rising Living Costs Reveal Fed’s Missed Inflation Target
Warsh on cost of living: when the cost of living has gone up for virtually all deciles of the American public, it's a sign that the Fed missed its mark. The fatal policy error is a legacy we still live...
Euro Slides as Hike Forecasts Drop to 1.6%
FWIW, intra-day euro off its highs. Not major moves, but it appears there was an overshooting on the Iran news. Also now only 1.6 hikes expected by year-end in the eurozone, down from 2.6 on Monday src: BBG https://t.co/BogH7m2BKY
Massive Property Tax Hikes Target Second Homes, Everyone Affected
Two WSJ cover page story on (massive) property tax hikes. They may well come to a house near you... - fixed property can't flee the state; and - the wealthy shall pay (NY's proposal is to tax second homes) https://t.co/1aVfRG9TR9
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