The Macro Shift 📉
Fed’s Waller Drops a Hawkish Bombshell
Federal Reserve Governor Christopher Waller has officially signaled a pivot, suggesting the Fed should axe its "easing bias" and even open the door to future rate hikes. With inflation stuck at 3.8% in April, Waller called talk of near-term rate cuts "crazy".
Market Impact: This shift has immediately cooled expectations for a September cut.
What to watch: Incoming Fed Chair Kevin Warsh is being sworn in today—will he follow Waller’s hawkish lead or push for the lower rates favored by the administration?.