Ben and Tom discuss the growing Fed infighting reported by WSJ&#x27;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&#x27;s impact on productivity, Warsh&#x27;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&#x27;s packed schedule meeting Zelensky and Netanyahu before Lindsey Graham&#x27;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

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

The Morning Market Briefing

Good morning. Welcome to the The Morning Market Briefing. Today is Tuesday, July 28, 2026. I hope you are doing well. It's been a very busy couple of days for us and it will continue to be so. So we're just getting started, as they say. We're going to talk a little bit about the Fed. There's a big Fed meeting going on that starts today and we will have the press conference and announcement tomorrow at 2pm, the press conference to follow at 2.30.

Tom, I want to kick off with this because there was an article in the Wall Street Journal. There was also one in the New York Times the day before, but it seems like Tim Horace has different sources for his information now than he had before. Or maybe it's the same sources of information, but he certainly doesn't have information coming from Kevin Warsh. What he does have is information coming from Jay Powell and Christopher Waller. And probably Lisa Cook.

And probably Lisa Cook because none of the profiling of Kevin Warsh in his new leadership role at the Fed was very positive in his article, big expose article that he had last night, basically saying, and I'll quote this, So on the evening of June 15th, before the first day of the first policy meeting, Kevin Warsh sat down to dinner with the 18 officials who also set interest rates.

He announced his plan to have the five panels of experts, which he now calls these task forces. These task forces, again, just a reminder, are going to be on communications, the inflation framework, asset holdings, the data and how and the integrity of the data they use, and the overall AI impact on productivity and jobs.

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

Read the full transcript

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

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

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.