The Warsh Doctrine: Less Guidance, More Market (And What This Could Mean for the Coins)

First Reaction to FOMC: The headline takeaway from this meeting is hawkish, but the more important story may be the Fed's evolving framework. Warsh appears intent on reducing forward guidance and placing greater weight on market prices and real-time economic data. Notably, 2-year yields are rising while 2-year inflation swaps are falling, suggesting that higher rates are increasingly reflecting real growth expectations rather than inflation fears. That keeps the Fed hawkish today, but if market...