Kevin Warsh was sworn in as Fed Chair at the White House last Friday — the first such ceremony since Greenspan in 1987.
The optics were deliberate. The policy, still unknown.
US markets are closed today. But Friday's Core PCE print isn't waiting.
That's the real opening act of the Warsh era — not the ceremony, not the cameras. The Fed's preferred inflation gauge drops at the end of this week, and it will immediately define whether Warsh has room to cut or is boxed in by sticky prices before he chairs a single meeting.
- Hot print: Rate-cut thesis dies early.
- Cold print: The dovish pivot has legs.
Trade the data, not the photo op.