Kevin Warsh now takes the helm of the U.S. Central Bank, the 17th Chair in its history.
And the conflicting issues before him are as stark as any of his predecessors has ever faced in coming into this post. Warsh has his work cut out for him.
Here, Chris explains Warsh’s history and mindset; considerably different in a few respects than has been covered in the press since President Trump nominated him. Now, given the imperatives before him as well as the dictates of the Bond Vigilantes, Warsh is set to REALLY disappoint any remaining, ignorant speculations (including from The Orange Wonder himself) that there is ANY room to cut interest rates.
Quite the contrary!
Chris lays out the dour fate for markets and most asset classes in the months — perhaps even weeks — ahead. Even more caution and defensive postures are going to be warranted for the forseeable future.
After that, it will be interesting to see how Warsh further channels Paul Volcker! For, as Chris lays out, Warsh has some ambitious institutional changes in mind for the Fed.
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