Fed Chairman Kevin Warsh saying he’d rather have a “good family fight” with his FOMC colleagues at the next rate decision meeting than give forward guidance. Journalist and author Sebastian Mallaby weighs in on what’s holding OpenAI back, how Google is pulling ahead and why it’s in the best interests of both nations if the US and China coordinate on AI. Plus, Wolfe Research upgrades Fox, saying its merger with Roku will scale Fox’s general entertainment streaming and could double its long-term sales growth rate.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A More Opaque Fed, AI’s Strange Bedfellows, and “Less Screaming. More Streaming!”  7/1/26

The Exchange

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But let's start with the first public comments from new Fed Chair Kevin Warsh following his first Fed meeting a few weeks ago. The chair firmly reiterated the need for all central banks to get inflation down. And that's about as forthcoming as he was in his messaging. On the broad conduct of policy at my press conference, I said I'm not going to give forward guidance because we're meeting in six weeks. But I have an update for you. We're meeting in four weeks. Helpful. So is July on the table for a rate hike?

So Sarah is trying to get me to break this rule. She's going to fail. But we have to try. Joining me in our opening exchange, New Century Advisors Chief Economist Claudia Somm and Brookings Institution Senior Fellow David Wessel. It's great to see you both again. We were just in D.C. together a couple of weeks ago for that first meeting, Claudia, which a lot of people interpreted as quote unquote hawkish. And look, Warsh did reiterate again in other parts of that discussion.

He said getting inflation down is our number one job. So we're hearing that messaging once again as well. Yeah, absolutely. The message is coming across loud and clear, but no plan. We haven't you know, a real inflation hawk at this point with inflation of four percent would be talking about rate hikes. Kevin Warsh is not talking about rate hikes. He also isn't talking about, well, is this inflation? Is it temporary? He was asked that. He really didn't answer the question. Do you think he needs to?

A More Opaque Fed, AI’s Strange Bedfellows, and “Less Screaming. More Streaming!” 7/1/26

Read the full transcript

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

A More Opaque Fed, AI’s Strange Bedfellows, and “Less Screaming. More Streaming!” 7/1/26

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.