Fed Chair Warsh says inflation is a choice, the Fed wants economic growth to be more broad based. Fed is committed to the inflation target and price stability.

Newsquawk Staff · 14 Jul 2026, 14:44 UTC

Inflation/Growth

We have tools to deliver on inflation.
Will revisit inflation frameworks to understand what causes inflation and what can be done.
Not afraid of productivity-led growth.
Two parts of the Fed mandates are not in conflict.
Have some more work to do on the inflation front.

Jobs

Labour market appears to be in good balance.

Balance Sheet

Balance sheet is not merely about plumbing.
Reiterates that balance sheet is part of monetary policy.
Fed must stay clear of fiscal policy.
Any change in balance sheet policy would be previewed, explained and broadly communicated in advance.

Task Force

Task forces will share their views first with the 19 policymakers.
Task forces are in discovery mode, starting with a blank sheet of paper.

Independency

Are committed to conducting an independent monetary policy.
Would continue with his job, if President Trump attempted to interfere.

Mortgages

Mortgage rates have been higher, in part, due to inflation is above the Fed's target.
Containing inflation would be consistent with lower long-term treasury yields and more affordable mortgages.

Others

We do not want to be in the bail-out business, including crypto.
Reforms will be forthcoming in everything at the Fed.
Plan on getting rid of tax that is inflation.
Being more circumspect in communications is a better way, at least for me.

What our latest note said

US Market Open, 21 Oct, 10:29 UTC · what it led with

Pakistan Army Chief Munir brought the "final warning" from the United States to Iranian officials, which called on Iran to submit to the US demands for concessions on the nuclear issue before taking any other steps.
The UK government has approved the Jackdaw North Sea gas field.

Read the whole note Free to read.

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Riksbank maintains its rate at 1.75% as expected; assesses that the probability of a rate increase later this year remains; there is considerable uncertainty and developments call for vigilance
EUR/SEK+0.3%
Norges Bank maintains its rate at 4.25% as expected; may still become necessary to raise the policy rate
EUR/NOK+0.6%
Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%

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