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Rational Dissent

Episode 002. This Is Not Your Father's Fed

Friday · 34 min · Season 1 · Episode 2 · 32.8 MB
0:00-34:09

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Two meetings have passed under Warsh and the pattern emerging is more reserved communication, some family infighting, and an uncertain market.


Chapters

00:00 – The Fed Put & Market Expectation

00:51 – Introduction & "Rational Dissent" Overview

01:22 – FOMC Meeting Recap & Warsh's Agenda

02:30 – Removing Forward Guidance: History & Impact

06:18 – The Risks and Moral Hazard of Forward Guidance

11:15 – Warsh's Vision: Independent Markets Check the Fed

13:36 – The Unintended Consequences of the Fed Put

15:38 – The "Good Family Fight": Dissents & Board Dynamics

18:18 – Historical Perspective on Fed Dissents (Volcker to Present)

25:34 – Reaction Function vs. Forward Guidance

30:30 – Lightning Round: Biggest Risks of Warsh’s Approach

33:41 – Closing Remarks & Wrap-Up


Charts Used:

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