FED CHAIR WARSH SAYS THE FED IS TIGHTENING FINANCIAL CONDITIONS, THAT THIS TELLS HIM POLICY IS WORKING, AND THAT HE IS NOT UNCOMFORTABLE WITH IT

Fed Chair Warsh stated that the central bank is tightening financial conditions, that this signals monetary policy is working as intended, and that he is not uncomfortable with the resulting tighter conditions. The remark points to the transmission channel of higher policy-rate expectations feeding through to borrowing costs, equity valuations, and the dollar, which together reduce the accommodation embedded in market pricing. Rate-sensitive segments such as long-duration Treasuries, rate-sensitive equities, housing-linked credit, and small-cap stocks, which rely more heavily on floating-rate or near-term refinancing, are most exposed to a continuation of this tightening impulse. Traders will be watching the next CPI print and the Fed's upcoming statement and dot plot for confirmation of whether inflation is decelerating enough to validate the view that current conditions are sufficiently restrictive.

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