RenMac Off-Script: There Is An Alternative

But I do want to start with what happened this week, Neil, with the Fed.

Unanimous decision to raise rates.

Is Warsh the one getting pulled along to do that? Or is he leading the charge?

It's a good question.

I mean, there's a lot of palace intrigue behind that question.

I would just say, if you look at the Sequencing here, Warsh was hawkish at Jackson Hole.

Waller was dovish thereafter.

The Fed hyped.

So, I mean, you could say that maybe, I mean, I had been arguing for a time that the committee was moving in a more hawkish direction and it made sense for Warsh to get out in front.

So we may have been in this, you know, where we are right now, either way.

But You know, either Warsh is leading the Fed, in which case he's hawkish and, you know, the Fed is hawkish, or he's not leading the Fed, in which case the Fed's still hiking rates and Warsh is a weak Fed chair.

So take your pick.

I mean, neither of those look particularly good one way or the other.

especially considering where people were earlier in the year, right? Which was, this is the man that's coming in to save the day and cut rates.

Good call.

I mean, it hasn't happened.

Well, Trump would argue that it was the board that was pulling him along.

Yeah, wouldn't you argue the same?

If I nominated him and wanted him to ease? Yeah, look-

As much as DJT makes me laugh, I mean, this is Cope on a grand scale.

Obviously, I've always said he's the funniest president I've ever seen, but it's Cope on a grand scale.

You just nominated the guy.

What are you going to say? I do think it's interesting that Peter Navarro, who we haven't heard from in a while, is already calling this a betrayal.

Don't be surprised if we get there.

I mean, it's the funniest thing I saw after the meeting is the best way to play the Fed.