Andrew and Ben discuss Kevin Warsh&#x27;s first Fed meeting ending forward guidance and launching task forces on communication and data quality, the massive curve flattener with the 2-year jumping 17bps and the 30-year dropping 6bps, restored inflation credibility through lower TIPS breakevens, the media pushback led by Nick Timiraos, Trump&#x27;s pivot into midterm &quot;it&#x27;s the economy&quot; mode after signing the Iran deal, today&#x27;s Philly Fed print, and the Bank of England holding at 3.75% with a 7-2 vote as gilts sold off. 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

Warsh Shakes Up the Fed: No More Forward Guidance, Dollar Soars | June 18, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Thursday, June 18, 2026. Hope you're doing well out there. No call tomorrow. A reminder, no call on Friday, June 19. Juneteenth is a stock market holiday, so we will not be here, but hope you guys have a great day off or a great day at work. Whatever you're doing, enjoy it. No call. Ben, let's jump in. We got a lot to cover. Most notably, perhaps, Kevin Warsh in his first press conference as Fed chair. Certainly a number of facets of that that I think people are going to cover.

Ben, let's see. I think it's a little bit more about what people will find fascinating, but he's not the only one talking about the economy. Trump seems to be making a hard pivot, moving straight into focusing on the midterms and really highlighting economic situations and even noting oil down stocks up in a deal signing. So Trump's making that move. I know people love when we talk politics, but this seemed inevitable that he would have to refocus.

Yeah, I think it's totally changed. He's trying to turn the page. He understands. It's very interesting when you think about Trump. He keys on things in history. And I have never heard him say it's the economy, stupid, but he's thinking it.

He's thinking it. And he thinks of these phrases and especially from the 80s and 90s, I feel like. And then he just puts it on repeat, repeat. And I'm sure that's going on repeat on the White House right now. So it's very interesting. At the G7 in his big press conference, he said, the one president I don't want to be like was Herbert Hoover.

Warsh Shakes Up the Fed: No More Forward Guidance, Dollar Soars | June 18, 2026 – Morning Market Briefing

Read the full transcript

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

Warsh Shakes Up the Fed: No More Forward Guidance, Dollar Soars | June 18, 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.