Markets may be entering a fundamentally different monetary regime under Kevin Warsh. This week, Bob Sheehan of Lighthouse Macro joins to explain why the Fed&#x27;s evolving framework could reshape how investors interpret policy, economic data, and market pricing. We discuss the end of the Fed put, rising rate volatility, Treasury curve dynamics, fiscal pressures, and why data-driven macro matters more than ever. Enjoy! TIMESTAMPS: 00:00 Intro 02:04 Bob&#x27;s Macro Background 09:21 Data-Driven Macro 13:13 The Fed Put Is Dead 16:46 Less Guidance, More Volatility 21:13 Why Data Matters Even More 25:35 The Two Trades In Rates 33:16 Balance Sheet Games 37:42 The Fiscal Doom Loop 43:32 Final Thoughts FOLLOW BOB › X/Twitter – https://x.com/LHMacro › Research – https://lighthousemacro.com/ FOLLOW THE SHOW › Forward Guidance – https://x.com/ForwardGuidance › Felix – https://x.com/fejau_inc › Telegram – https://t.me/+CAoZQpC-i6BjYTEx › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th &amp; Digital Asset 2026 London November 10-11th https://blockworks.com/events Blockworks recently acquired Messari. For more information, please visit: https://blockworks.com/insights/blockworks-acquires-messari DISCLAIMER Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

How To Trade The New Warsh Fed | Bob Sheehan

Forward Guidance

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**Podcast:** Forward Guidance

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[SPEAKER_A] The Fed Put is essentially the market's assumption that if risk assets fall hard enough, the Fed's going to step in, right? People were like, don't worry, the Fed's coming in. Every time there's a big sell-off, don't worry, buy, buy, buy the sell-off. And I think Warsh has very much tried to signal that that's gone. That's not going to be back. I think the degree that he's removed it is meaningful, and I think it's something that should change the way investors perceive kind of Fed policy. If I'm looking at the Fed and I'm like, okay, they're not going to be as direct about what they're trying to tell us, then I'm going to be a little bit quicker to cut risk. Things aren't as clear as they should be, and I think that lends itself towards a more defensive posture. Most important takeaways is that there are two trades now, and this is the way like I'm really trying to frame it in terms of the market reaction. There is the—

[SPEAKER_B] Nothing said on Forward Guidance is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only. And the views expressed by anyone on the show are solely their opinions, not financial advice, or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in the company's funds or projects discussed. As always, investments in blockchain technology involve risk. Terms and conditions apply. Do your own research. All right, everybody, welcome back to another episode of Forward Guidance, and excited to have a new guest on the show, Bob Sheehan of Lighthouse Macro. Bob, you kind of came onto my radar about maybe a year or so ago now, started to put out a lot of really good content on X. And I think at the time it wasn't even under your personal name, but it was under Lighthouse Macro. And I was like, who is this guy? This is some really good stuff. So yeah, wildly overdue to get you on the show. And yeah, welcome to Forward Guidance.

[SPEAKER_A] Yeah, no, it's great to be on here, Felix. Obviously you and Forward Guidance do some great stuff and you have some great guests. And I think our kind of attacking that new era of macro that, you know, some people have been slow to get around to. So I'm excited to be on here and chat with you today.

[SPEAKER_B] Yeah, yeah, 100% likewise. Um, I want to just start off with just getting a bit of a better understanding of your career path, like how you think about macro, what are the key most important points that you look at. Yeah, like how did you get to this point of launching Lighthouse Macro and what you do today?

[SPEAKER_A] Yeah, sure. So, um, I've taken a bit of a, I guess, uh, I don't non-traditional route to kind of running my own macro shop, let's call it. I started my career at Bank of America and I was on a portfolio management team. We were kind of a dual mandate team. And what I mean by that is on one hand...

How To Trade The New Warsh Fed | Bob Sheehan

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How To Trade The New Warsh Fed | Bob Sheehan

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.