FED CHAIR NOMINEE WARSH SAYS THE SUPPLY SIDE OF THE ECONOMY IS CHANGING SIGNIFICANTLY RIGHT NOW.

Warsh highlighted that structural shifts in the supply side of the economy—such as labor market dynamics, supply chain reconfiguration, and productivity trends—are currently significant and may have lasting implications for inflation and growth. This commentary suggests a potential reassessment of the inflation outlook, which could influence expectations for the Fed’s policy path through the lens of supply-driven disinflation or stagflation risks. Equities, particularly in industrials and tech, along with long-duration assets like Treasuries, are most exposed given their sensitivity to real rates and growth assumptions. Traders will focus on the upcoming PPI and CPI reports to assess whether supply-side improvements are translating into softer input and consumer prices.

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