Is Kevin Warsh a dove in hawk’s clothing or a hawk in dove’s clothing?

Darius explains why this question represents the biggest known unknown in global markets ahead of Warsh’s first FOMC press conference. He discusses the potential implications for monetary policy, market liquidity, and risk assets, while outlining why Paradigm C and the risk of a late-cycle equity bubble remain firmly intact unless Warsh delivers a meaningful hawkish shift in the Fed’s reaction function.