RenMac breaks down new Fed Chair Kevin Warsh&#x27;s first meeting — the most hawkish FOMC outcome on record by the move in the two-year yield — why falling oil won&#x27;t pull the Fed off its tightening bias, and how rate hikes are now on the table as soon as July. The team also discusses the fragile Iran settlement, a firmer dollar, the Defense Production Act&#x27;s reach into non-defense names, US-versus-ex-US equity leadership, and the week ahead in core PCE, Micron, and Fed speakers.

RenMac Off-Script: Warsh Lets the Hawks Fly 

RenMac

# Full Transcript

**Podcast:** RenMac

## Participants

- **Steve Duttaenhofer** (None)
- **Jeff deGraaf** (None)
- **Neil Dutta** (None)
- **Steve Pavlik** (None)

## Transcript

RenMac Off-Script originated as a weekly internal research meeting designed to summarize and discuss what happened in Washington, the markets, and the economic data over the past week. It was always intended to be and remains a free-flowing conversation with no discernible objective other than to extract the wisdom and opinion of our analysts and their expertise. This is a conversation among colleagues. Individual circumstances are unique and nuanced. Do not mistake these conversations for investment advice, because it's not.

Here we go. All right. Welcome to RenMac Off-Script, where we openly discuss markets, economics, policy, history, and life. It is June 19th, Friday, 2026. I'm Steve Duttaenhofer. I'm Jeff deGraaf. I'm Neil Dutta. And I'm Steve Pavlik. Jeff, very fancy. Where are you? I just arrived in London via Paris. Yeah.

It's hot as all get out in Europe this week. And I was in Versailles right after President Trump. And that was a cool 98 degrees there. So I don't know if you left the place burning, if that's why it was so hot or what. But no, it's a good trip. Good trip. Well, stay safe over there. You know, a lot of a lot of crazy soccer fans or football fans. Well, you know, so I did have the benefit of watching France from Paris, which was great, by the way.

It was pretty, you know, obviously all in. The amazing thing is how few people take American Express here. I'm like, wait a second. Anyway, so, yeah, I had to make some plan B's with my American Express card. So anyway, just a little travel tip for those that are coming over.

What's so funny is Jeff is over there in Europe and there's all these viral sort of videos going on, going around in the States about how much the Europeans are enjoying watching the World Cup in the States. You know, they see things like pickup trucks, wide roads, open spaces, buckies, you know, things that the European mind could never comprehend. It's been quite interesting to see.

They should come to some of our homes, too. I mean, we can show them things like such innovations as washers and dryers and dishwashing machines. We don't have to hang our clothes with clothes. I mean, I'm going to go on the record and just say I've enjoyed myself thoroughly. Now I come to Europe at least once a year, but I enjoy myself thoroughly, unlike Neil, who usually comes to a foreign country and then wants to get out as soon as he possibly.

No, I mean, you enjoy it the way every American enjoys it, which is, you know, you get to see a bunch of history and, you know, you would never you wouldn't trade. You wouldn't you wouldn't trade. You wouldn't trade it for Darien, would you? Fair enough. Fair enough. And I'm on the show. Here we go. The travel section. Yeah. Travel section of the pod is now over. Neil, we'll turn it to you. You were...

RenMac Off-Script: Warsh Lets the Hawks Fly

Transcript

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RenMac Off-Script: Warsh Lets the Hawks Fly

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.