Waller vs. Warsh: Fed Infighting Breaks Out as Chips Smashed on China Competition | July 28, 2026 – Morning Market Briefing

Ben and Tom discuss the growing Fed infighting reported by WSJ's Nick Timiraos with Governor Chris Waller openly challenging new Fed Chair Kevin Warsh at a dinner over his five new outside expert task forces on communications, inflation framework, asset holdings, data, and AI's impact on productivity, Warsh's notable silence on economic shocks despite the changed environment, the AIA Architecture Billings Index staying below 50 for 41 straight months in one of the longest downturns on record, oil falling as Iran hosts a diplomatic call with Saudi Arabia and Oman with WTI down to $80, chips getting smashed again on Korea weakness and China competition, and Trump's packed schedule meeting Zelensky and Netanyahu before Lindsey Graham's funeral. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure