EPISODE · Jul 31, 2026 · 34 MIN
Episode 002. This Is Not Your Father's Fed
from Rational Dissent · host Bianco Research
Two meetings have passed under Warsh and the pattern emerging is more reserved communication, some family infighting, and an uncertain market.Chapters00:00 - The Fed Put & Market Expectation00:51 - Introduction & "Rational Dissent" Overview01:22 - FOMC Meeting Recap & Warsh's Agenda02:30 - Removing Forward Guidance: History & Impact06:18 - The Risks and Moral Hazard of Forward Guidance11:15 - Warsh's Vision: Independent Markets Check the Fed13:36 - The Unintended Consequences of the Fed Put15:38 - The "Good Family Fight": Dissents & Board Dynamics18:18 - Historical Perspective on Fed Dissents (Volcker to Present)25:34 - Reaction Function vs. Forward Guidance30:30 - Lightning Round: Biggest Risks of Warsh’s Approach33:41 - Closing Remarks & Wrap-UpCharts Used:https://www.biancoresearch.com/bianco/podcast/2026/07/WarshNewsHeader.pnghttps://www.biancoresearch.com/bianco/podcast/2026/07/10YrCuts.pnghttps://www.biancoresearch.com/bianco/podcast/2026/07/30yryield.pngLearn more about Bianco Research: https://www.biancoresearch.com/Sign up for a free trial of Bianco Research here: https://www.biancoresearch.com/free-trial/?source=YT073126
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Episode 002. This Is Not Your Father's Fed
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