Rob Rowe and Veronica Clark discuss the Fed under Kevin Warsh, including the future of forward guidance and dot plots, and why we continue to expect rate cuts and not hikes.<br><br>This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2026 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.

Episode 84: The Warsh Fed — Mind the Data

Research @ Citi

Hi, everyone. I'm Rob Rowe. I'm the Interim Global Head of Research. With me on the Research @ Citi podcast today is Veronica Clark, and we are going to talk about Warsh. Now, that's a really exciting topic, but what Veronica is going to do for us, because I think everyone has talked about Warsh and everyone has talked about the potential restructuring of the Fed, and also a lot's happened since June.

So we need to also discuss the economic data and how that positions Warsh here. But you're going to bring it all together for us. And I think the way we'll do this is, in six months to a year, after we've been through all the committees, and we've done everything, what does the new Warsh Fed look like? What is it going to have? How much forward guidance can we depend on? Will we have a new inflation model?

You know, how is this whole thing going to look? Yeah, it is a really interesting question. And yeah, happy to talk about it. I mean, we really don't know at this stage, right? I think everyone has kind of gotten comfortable with this lack of knowing for now. And hopefully we find out more over the next couple months.

But yeah, we came in with this new Warsh Fed. And the very first thing I think that we learned is that we really should not expect anything in terms of forward guidance from him. I don't know if that changes. I do hope that it does a little bit because, you know, the situation we're in right now is he's certainly not giving us any forward guidance in terms of policy rates, which is that's fine.

Episode 84: The Warsh Fed — Mind the Data

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Episode 84: The Warsh Fed — Mind the Data

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.