Will the Real Kevin Warsh Please Stand Up?

Kevin Warsh’s first press conference as Fed chair after last week’s FOMC meeting settled a question that the markets had been debating for a year: Which Warsh would show up? In the past, Ed and Elias explain, Warsh hawkishly prioritized fighting inflation, but he presented himself as a dove when auditioning for the Fed chairmanship. Would Chair Warsh be some new hybrid? The hawk won: The FOMC swung to a tightening bias as expected, and Warsh’s rhetoric was hawkish point for point. The bottom line: Investors would be well advised to position for a chair who will advocate for raising rates if the data demand it, not for lowering them just because the President demands it. Visit Yardeni QuickTakes: https://yardeniquicktakes.com Get your first month of QuickTakes Premium for free: https://quicktak.es/Yt-0a Visit Yardeni Research (institutional): https://yardeni.com (0:00) - Intro (1:31) - June Swoon: Market Volatility & Near-Term Outlook (2:13) - Oil Prices & Middle East Crisis Impact (3:42) - Kevin Warsh's Hawkish Fed Debut (8:27) - AI Trade Uncertainty & Data Center Spending (10:32) - FOMO vs. FEMO: Valuation & Earnings Drivers (13:19) - Russell 2000 Record High & Market Breadth (14:09) - Chart Review: Warsh, Dot Plot & Inflation (16:20) - Irrational Exuberance in Analyst Earnings Forecasts (19:13) - Closing Remarks