The Universal Owner — June 15: Warsh’s First Meeting, Oil’s Round Trip, CalPERS Rewrites the Rules

Kevin Warsh chairs his first Fed meeting into 4.2% inflation and a collapsing oil price, CalPERS crosses its private-markets ceiling days before switching to a Total Portfolio Approach, and sovereign and pension capital diverge. The long take: if the easing era is over, what does a universal owner actually do? Full brief and sources: https://www.universalassetowners.com