30 Jan 2026

🚨 Is the market misreading the next potential Fed Chair? 🚨

If the goal is "easy on inflation," the history books tell a very different story about Kevin Warsh. Looking back at the FOMC transcripts from 2006-2011, one moment stands out that should make every investor pause. 📍 The Setting: April 2009. The world was still reeling 7 months after the Lehman Brothers collapse. - Unemployment: 9% - Core PCE Inflation: A mere 0.8% - Despite a crashing economy and deflationary pressure, Warsh’s stance was clear: "I continue to be more worried about upside risks to inflation than downside risks." The Takeaway: Warsh has historically been an "inflation hawk," even when the data suggested the opposite. If he takes the helm, we might be looking at a much more aggressive Fed than the "dovish" transition many are currently pricing in. Source: Bloomberg, Anna Wong @AnnaEconomist

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