The Outthinking Investor with Daleep Singh
Jul 7, 2026 · 23 min · 8 segments
The arrival of Kevin Warsh as Chair of the Federal Reserve marked a regime shift. At its June meeting, the Federal Open Market Committee (FOMC) dropped its easing bias, opening the door to interest…
James BullardGuest
Daleep SinghHost
It was a unanimous hold of the target range at three and a half to three and three quarters percent.
The first signals were in what the Fed chose to say and not to say about policy.
And in the presser, the chair offered virtually no forward guidance other than an emphatic focus on price stability.
Chair Warsh announced five task forces to review the Fed's communication practices, its balance sheet, its data sources, its inflation framework, and the impact of AI and other technologies on productivity and jobs.
And I'll say up front, I've long believed that Kevin Warsh is the right choice for this moment.
The Fed needed a chair who understands how to sustain institutional credibility in this environment when the system is under unprecedented stress, someone who knows when and how to deploy its most potent tools, who has the savvy to build consensus within the Federal Reserve System and across political parties.
The June meeting deepened our conviction about the direction of travel for policy, but the timing, the pace, the magnitude, the duration of the policy shift, those remain open questions for us.
Jim is one of the most consequential monetary policymakers of the past two decades.
As president of the St. Louis Fed from 2008 until 2023, he served on the FOMC through the financial crisis, through COVID, and the worst inflation outbreak in 40 years.
He famously argued in late 2021 that the Fed was behind the curve while the committee was still calling inflation transitory.
It's a change of address that has not dulled his appetite to say sharp things about the institution he served.
It was a unanimous hold of the target range at three and a half to three and three quarters percent.
The first signals were in what the Fed chose to say and not to say about policy.
And in the presser, the chair offered virtually no forward guidance other than an emphatic focus on price stability.
Chair Warsh announced five task forces to review the Fed's communication practices, its balance sheet, its data sources, its inflation framework, and the impact of AI and other technologies on productivity and jobs.
And I'll say up front, I've long believed that Kevin Warsh is the right choice for this moment.
The Fed needed a chair who understands how to sustain institutional credibility in this environment when the system is under unprecedented stress, someone who knows when and how to deploy its most potent tools, who has the savvy to build consensus within the Federal Reserve System and across political parties.
The June meeting deepened our conviction about the direction of travel for policy, but the timing, the pace, the magnitude, the duration of the policy shift, those remain open questions for us.
Jim is one of the most consequential monetary policymakers of the past two decades.
As president of the St. Louis Fed from 2008 until 2023, he served on the FOMC through the financial crisis, through COVID, and the worst inflation outbreak in 40 years.
He famously argued in late 2021 that the Fed was behind the curve while the committee was still calling inflation transitory.
It's a change of address that has not dulled his appetite to say sharp things about the institution he served.
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