Bloomberg&#x27;s Lisa Abramowicz and Scarlet Fu discuss remarks from Fed Chair Kevin Warsh following the Federal Reserve&#x27;s latest policy decision on a special edition of Bloomberg Surveillance. Warsh vowed to restore price stability following his first policy meeting since taking the helm of the US central bank, after officials left interest rates unchanged and signaled growing support for rate hikes this year. “Persistently high prices are a burden for the American people, but the recent past need not be prologue,” Warsh said in his debut press conference as chairman. Officials “are unambiguous and unanimous. This committee will deliver price stability.” See omnystudio.com/listener for privacy information.

Instant Reaction: Kevin Warsh's First News Conference as Fed Chair

Bloomberg Talks

[SPEAKER_00] Talks, Bloomberg

[SPEAKER_12] The Big Take Podcast from Bloomberg News keeps you on top of the biggest stories of the day.

[SPEAKER_05] Kevin Warshaw My fellow Americans, this is liberation day.

[SPEAKER_12] Stories that move markets.

[SPEAKER_11] Chair Powell opened the door to this first interest rate cut.

[SPEAKER_12] Impact politics, change businesses. This is a really stunning development for the AI world and how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[SPEAKER_03] Bloomberg Audio Studios. Podcasts. Radio. News.

[SPEAKER_07] This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 journalists and analysts around the world.

[SPEAKER_04] A new Fed chair in a new era as we do parse through some of the commentary. The Kevin Warsh Federal Reserve is a very different Federal Reserve than the Jerome Powell Federal Reserve. Not only are we looking at a statement that was only 132 words versus the 175 words at the April FOMC meeting, we're talking about a new framework, a new regime, and not giving enemy forward guidance. Because guess what? There's a task force for that.

[SPEAKER_04] Right now, if you take a look at the reaction in markets, they're taking this hawkish tilt and they are running with it. You can see across the board declines on the S&P and the Russell 2000. NASDAQ now little changed as they parse through all of the reactions. When you take a look at the yield space, that's where some of the fireworks are happening. It is yield curve compression time in a massive, massive way. 13 basis point rise on the two-year to 4.18 percent.

Instant Reaction: Kevin Warsh's First News Conference as Fed Chair

Read the full transcript

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

Instant Reaction: Kevin Warsh's First News Conference as Fed Chair

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.