WARSH: RISE IN PRICES SINCE 2020 IS A LEGACY OF FED'S PAST POLICY ERROR || ASKED ABOUT GAS PRICES, FERTILIZER PRICES, SAYS FED NEEDS TO STAY IN ITS LANE

Warsh attributed the sustained rise in prices since 2020, including in natural gas and fertilizer markets, to the Federal Reserve's prior policy errors, particularly prolonged accommodative stance during the pandemic recovery. This commentary reinforces market perceptions that entrenched inflation pressures stem from delayed tightening, affecting inflation expectations and long-end yield pricing. The remarks imply limited Fed flexibility to pivot, keeping front-end rates sensitive to incoming data and supporting a steeper yield curve. Natural gas and agricultural commodity markets remain exposed to policy-induced demand repricing and input cost pass-through. Traders will focus on the next FOMC meeting and accompanying SEP revisions for signals on terminal rate durability.

HIGH-impact news is typically a market-moving event with multi-pip or multi-percent intraday reactions. Examples include central bank rate decisions, major CPI/NFP releases, geopolitical shocks, mega-cap earnings beats/misses, and regulatory announcements. Traders typically position-reduce or hedge ahead of scheduled HIGH-impact events, and follow the wire in real time to react to unscheduled ones (war headlines, central-bank emergency statements, surprise corporate actions). The Trading News Terminal squawk box reads every HIGH-impact headline aloud the moment it hits the wire — so active traders don't have to stare at the feed.

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