Fed Warsh: the economy is showing impressive resilience. We remain resolute to deliver price stability
Comments from Fed Chair Warsh. What were levels ahead of the Fed Chair Press conference. U. S. StocksDow Jones:51,957. 19 (-795. 10,-1. 51%)S&P 500:7,392. 95 (-35. 82,-0. 48%)Nasdaq Composite:24,798. 83. . .
Comments from Fed Chair Warsh. What were levels ahead of the Fed Chair Press conference. U. S. StocksDow Jones:51,957. 19 (-795. 10,-1. 51%)S&P 500:7,392. 95 (-35. 82,-0. 48%)Nasdaq Composite:24,798. 83 (-87. 08,-0. 35%)Russell 2000:2,924. 86 (-28. 94,-0. 98%)Nasdaq 100:27,605. 74 (-157. 40,-0. 57%)U. S. Treasury Yields2-Year:4. 2706% (-0. 64 bps)3-Year:4. 3095% (+0. 65 bps)5-Year:4. 3820% (+2. 10 bps)7-Year:4. 5048% (+2. 48 bps)10-Year:4. 6366% (+3. 26 bps)20-Year:5. 1554% (+4. 14 bps)30-Year:5. 1534% (+3. 94 bps)Commodities & BitcoinWTI Crude Oil:$84. 44 (+$5. 32,+6. 72%)Gold:$4,065. 07 (+$36. 77,+0. 91%)Silver:$58. 1162 (+$1. 0072,+1. 76%)Bitcoin:$64,012 (+161,+0. 25%)Market Snapshot:Ahead of Kevin Warsh's first Fed press conference, equities remained under pressure, led by a sharp 1. 5% decline in the Dow. Treasury yields were mixed, with the curve steepening as longer-dated yields moved higher. Meanwhile, oil surged nearly 7% and precious metals advanced, reflecting heightened geopolitical concerns and inflation uncertainty going into the Fed Chair's remarks. Prepared comments from Fed Chair:Discussion was collegialThe economy is showing impressive resilience even with the recent shocksthe committee remains resolute to deliver price stability. The committee is a steering clear of forecastingthe 5 years of high inflation has left an impression that is hard to shake that Fed's implicit price target was above 2%. Says that there is no soft target only one target and its 2%. Inflation cannot be cured in 9 weeks. There was nothing in there about our discussions or strategyNominal and real yields are material highersome of the increases between FOMC meetings are among the most significant in decades. Markets are paying attention to the ball and not the referee. Markets will continue to respond in direction and magnitude as they see fit. The most striking feature is the strong growth in investment. Investment is helping to maintain the growth and laying the groundwork for future growth. Vigorous discussion centered on 4 questions. 1. Implications on high inflation over the last 5 years. 2. Considerd the recent economic shocks an effects on output and employment. 3. Talked about price increases arising from this shocks. Do the changes lead to a broader inflation dynamic 4. Discussed monetary policy tools and strategies. Q&AI am trying to get an unfiltered message from the market. What does not mean out how doing on inflation. Trying not to interfere with the market signals. We are observing but trying to stay out of it. Interpreting markets is an imperfect business. Economy output is solid, labor market solid – steady. Bond market is saying that as wellWe have not much, but the bond market has been doing work. Asked for a good family fight and got oneThere was a lot of agreement that I heard that we have the power to deliver stable prices. Like to believe that the committee shares my views that the historic problem with data dependence is the data and dependence. The committee cares about trends on the data. Do not want to leave impression we are breathlessly waiting for incoming data. I would not say we over relied on a single price of data. Rates are higher than they have been 42 days ago. Markets have moved rates higher. . Markets have made their judgmentsmonetary policy matters not just by what we say or do, monetary policy matters by how it affects the real economy. The prices in the market are one of the ways how policy affects the economy. Most PopularFed Warsh: the economy is showing impressive resilience. We remain resolute to deliver price stabilityWatch the Fed Chair Warsh Press conference. Fed keeps rates unchanged at 3. 75%. A quick look around the major currency pairs ahead of the FOMC rate decision. Key takeaways from the Bank of Canada meeting minutes for July 2026Report: U. S. preparing for a larger response to IranWH Economic Advisor Hassett: Pres Trump has hard regard for Kevin Warsh. The odds still favor no change in policy, but if the Fed wants to tighten, they couldAs London/European traders head for the exit, the markets are scared of the Fed (and war)The chips and AI continue the moves lower as gains are eroded.