Episode 002. This Is Not Your Father's Fed

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: https://www.biancoresearch.com/bianco/podcast/2026/07/WarshNewsHeader.png https://www.biancoresearch.com/bianco/podcast/2026/07/10YrCuts.png https://www.biancoresearch.com/bianco/podcast/2026/07/30yryield.png Learn more about Bianco Research: https://www.biancoresearch.com/ Sign up for a free trial of Bianco Research here: https://www.biancoresearch.com/free-trial/?source=YT073126