The Official Record

Warsh's First FOMC: Five Task Forces, a Hawkish Dot Plot, and the Quiet Repricing of Fed Independence

Kevin Warsh held rates, abstained from the dot plot, and announced five task forces to overhaul the Fed — comms, balance sheet, data, jobs/productivity, and the inflation framework. The S&P fell 1.21%, the Nasdaq 1.34%, yields ripped, SPCX gave back 5%. Crude kept bleeding the war premium after the US–Iran signing — Brent under $77 this morning. Futures are green on the Iran print. Here is what actually happened and what the desk is doing into the open.