Derek Tang retweeted
Warsh's concern "speaks to a general concern, especially among Republicans ... (that) too much of the discretion over financial liquidity sits at the Fed instead of at Treasury or in other places where people are directly elected." @macroderek @Reuters
reuters.com/business/finance…
Derek Tang retweeted
"In a world where [the Fed is] not using forward guidance, they would be left with simply hiking [rates] as the only way they could signal their commitment to fighting inflation," says @macroderek.
This and more thoughts ahead of this afternoon's presser in @vtg2's latest.
Federal Reserve Chair Kevin Warsh will speak publicly for the first time today in his new role as leader of the world’s top central bank.
What should we ask him at his inaugural press conference?
politico.com/news/2026/06/17…
Derek Tang retweeted
Four things to watch in Kevin Warsh's Fed debut...
"Warsh is probably going to have to change his plans. He might have come in a few months ago wondering how to get a few cuts in — now he might have to fend off rate hikes."
@macroderek @ByKyleCampbell
americanbanker.com/news/four…
Derek Tang retweeted
"When it comes to things such as bank regulation or even currency policy, any discretion the Fed had before in those domains is going to be restricted from here on out," says @macroderek. More thoughts on the Warsh Fed below.
gfmag.com/economics-policy-r…
Derek Tang retweeted
As time passes, Warsh's influence may grow by setting the FOMC's meeting agenda and putting his "thumb on the scale" over which economic issues and monetary policy issues get prioritized by central bankers, says @macroderek.
@SPGlobal @BrianJScheid
spglobal.com/market-intellig…
Derek Tang retweeted
"Rather than building a case for rate cuts, Warsh will now have to spend his energy fending off growing pressure to tighten policy, or at least hold, from colleagues and the public alike," says @macroderek.
Kevin Warsh faces a new challenge as Fed chief: How to restrain a sudden shift in expectations for higher rates as fellow policymakers warn that inflation is back bloomberg.com/news/articles/…
Derek Tang retweeted
"It sounds like the White House is giving itself an offramp in advance, because we’re not going to get a rate cut in June. This creates breathing room for Warsh to find his footing in his first few months as chair."
@macroderek @MarketWatch
Trump says he’ll let Warsh ‘do what he wants to do’ with interest rates. It’s a remark that Fed watchers have been bracing for. trib.al/QqdU0pe
Derek Tang retweeted
“This is definitely a sea change from previous transitions,” shares @macroderek in the latest from @MarketWatch.
DM to get our full take.
Warsh confirmed as Fed chair by Senate. Here are 5 tests he’ll face on day one. trib.al/hWaIF0r
Derek Tang retweeted
"These swap lines are missing pieces of the puzzle."
@macroderek in the latest from @TheNationalNews.
What are currency swap lines and how do they work? thenationalnews.com/business…
Derek Tang retweeted
The story over the Fed’s independence — the belief that the U.S. central bank sets interest rates and makes monetary-policy decisions based on economic data and not Washington political pressure — might still be "in the first chapter," says @macroderek. Read the full piece below.
Powell’s legacy as Fed chair is fighting inflation and Trump. He may lose the battle against both. trib.al/4LWRH2F
Derek Tang retweeted
"The opposition against the easing bias was likely broader than just [Hammack, Logan and Kashkari]. But the question is, when will the dam break on inflation expectations? Inflation has been above their 2% target for a while now." @macroderek @CNN cnn.com/2026/05/07/economy/f…
Derek Tang retweeted
We have long assumed that Powell will remain on the Fed board after stepping down as its chief as a buffer against Trump's efforts to exert control at the central bank.
@Reuters
reuters.com/world/us/trump-s…
Derek Tang retweeted
@macroderek expects the impact of energy shortages to eventually make its way to American shores. "The US is insulated, but not fully. So you can see the shortages beginning in Asia and they're going to move to Europe, and eventually this corner of the world as well."
Fed meeting: Iran war and Powell future add to uncertain outlook thenationalnews.com/business…
Derek Tang retweeted
Kevin Warsh: Trump’s next fall guy at the Fed? ft.trib.al/h34LK25
Derek Tang retweeted
"People will look at Powell not just for economic but for moral leadership," says @macroderek.
Read the latest from @senoj_erialc @FinancialTimes ft.com/content/07476cf0-7dbf…
Derek Tang retweeted
Fed officials "really don’t want to see inflation expectations rise," said @macroderek. "The problem is, they don’t know how close to the edge they are."
Policymakers suggest interest rates could go up or down. The most probable path may be no move at all. on.wsj.com/4uVCkzo
Derek Tang retweeted
We told clients mid-Apr Powell was uncharacteristically imprecise about whether serving out his "term" meant Chair (26) or Governor (28).
Then, a connected FT commentator said Powell will "probably" stay thru 28.
Today, Powell declined to answer.
ft.com/content/e7140acd-cb22…
Derek Tang retweeted
In 2006, 2014, and 2018 this wasn’t an issue in the FOMC minutes because at the January meeting, the outgoing chair was already preparing to leave as governor and the incoming chair had been on the cusp of (days away from) Senate confirmation.
The new chair had also already been sworn in by the time the January meeting minutes were published.
Derek Tang retweeted
"The administration...is taking on a really broad view of what can be changed at the Fed. A new chair is just the first part of that story." @macroderek
@FT
ft.com/content/5c1af439-a1a1…
Derek Tang retweeted
"Warsh’s views are going to evolve over time,” says LHMeyer's @macroderek. His views from the past are “not a good guide of what he could do as Fed chair.”
@MarketWatch
Bond market isn’t getting everything it wants from Trump’s choice of Warsh for Fed chair trib.al/HF34xQW