Kevin Warsh’s highly anticipated first meeting as Federal Reserve Chair did not fail to live up to expectations. While the promise of significant institutional reform will matter a lot over the months and years ahead, in the near term the hawkish June Summary of Economic Projections and hawkish tilt to Warsh’s remarks leave us more confident in our recent decision to shift to forecasting a September Fed interest rate hike.
We are sending this Weekly early ahead of Juneteenth tomorrow.
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