‘Very high’ inflation and new FOMC calendar: Warsh messages after Fed decision

Kevin Warsh, speaking after the Federal Open Market Committee's decision, characterized inflation as "very high" and addressed the committee's revised meeting calendar. The remarks signal that the Fed's policy stance remains anchored to inflation control, which tends to support the dollar through the rate-differential channel, as sustained expectations of restrictive policy keep U.S. short-end yields elevated relative to peers. The USD is the most directly exposed asset, with rate-sensitive currency pairs and dollar-denominated risk assets likely to reprice on any shift in the expected path of policy. Traders should watch the next scheduled inflation release, particularly core PCE, for confirmation of whether price pressures are persisting at the level Warsh described.

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