Investing··10 min
Warsh Said Inflation Risks Eased. Markets Heard a Rate Cut. They Are Not the Same Thing.
Fed Chair Kevin Warsh said inflation risks have come down and markets rallied. But the June dot plot has nine of eighteen officials penciling in a hike, and futures still price one by September. The market is not front-running cuts. It is front-running the absence of a hike, and calling that a pivot.
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