FED CHAIR WARSH SAYS INTEREST RATES DO MATTER FOR NEW TECHNOLOGY, THAT CAPEX IS BROADENING, AND THAT THE STRENGTH IN CAPEX IS NO LONGER IN NARROW POCKETS

Fed Chair Warsh stated that interest rates do matter for new technology investment, that capital expenditure is broadening across the economy, and that capex strength is no longer concentrated in a narrow group of firms. The core transmission mechanism here runs through the cost of capital: if policy rates remain a meaningful input to financing hurdles, long-duration technology projects with uncertain payback periods become more sensitive to the discount rate, shifting the calculus for corporate investment. A broadening capex cycle also implies that demand for industrial equipment, construction inputs, and mid-cap technology suppliers may be rising, which would widen earnings exposure beyond mega-cap technology names and reduce the concentration risk embedded in index performance. Rate-sensitive equities and growth-oriented sectors would be most directly affected by any repricing of expected policy paths, while the rates market would reflect shifting views on the neutral rate. Traders should watch the next Business Investment and capital goods orders data, particularly nondefense capital goods excluding aircraft, for confirmation that the breadth of investment is genuinely expandin

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