Jim Bianco(@biancoresearch):Follow-up If the FOMC vote in two weeks doesn't turn out close and winds up being a 10-2 to 12-0 vote, that means several voters "caved" from their stated positions and went along with the Chairman. This means the Fed remains only the Chairman's opinion. Trump will see this as a signal to go after Warsh hard to get them to cut rates. In other words, the Fed has lost its independence. They need an 8-4, 7-5, or 6-6 vote to preserve their independence.

Jim Bianco

@biancoresearch

Macro investment research at Our total return index is at The ETF WTBN tracks our Index. biancoresearch.eth

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Jim Bianco@biancoresearch

2026.09.03 15:52

Follow-up If the FOMC vote in two weeks doesn't turn out close and winds up being a 10-2 to 12-0 vote, that means several voters "caved" from their stated positions and went along with the Chairman. This means the Fed remains only the Chairman's opinion. Trump will see this as a signal to go after Warsh hard to get them to cut rates. In other words, the Fed has lost its independence. They need an 8-4, 7-5, or 6-6 vote to preserve their independence.