Andreas Steno Larsen(@AndreasSteno):The issue, for now, is that if you measure the “wordings” from a quantitative standpoint, they keep getting more hawkish (also today). It may all be a show (I am very tempted to think so), but we have the biggest disconnect between inflation expectations (and our nowcasts, btw) and the Fed rhetoric in the history of the time series. So by saying nothing, the Fed is currently a MAJOR TOLL on markets, as they allow real rates to fly up day in and day out. Warsh is the driver of the tech sell-off, even if he is trying to be the exact opposite of that.

2026.07.29 21:02

The issue, for now, is that if you measure the “wordings” from a quantitative standpoint, they keep getting more hawkish (also today). It may all be a show (I am very tempted to think so), but we have the biggest disconnect between inflation expectations (and our nowcasts, btw) and the Fed rhetoric in the history of the time series. So by saying nothing, the Fed is currently a MAJOR TOLL on markets, as they allow real rates to fly up day in and day out. Warsh is the driver of the tech sell-off, even if he is trying to be the exact opposite of that.

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