A new Fed chair has arrived, and the implications could be far bigger than a single rate decision. Joseph Wang, former Fed trader and creator of Fed Guy, joins Forward Guidance immediately after Kevin Warsh’s first FOMC meeting to unpack what may be the beginning of a fundamental transformation of the Federal Reserve. We discuss Warsh’s hawkish debut, the end of the forward guidance era, sweeping Fed task forces, potential changes to the inflation framework, AI and productivity, and why all of this could point to a meaningful repricing of risk assets. Enjoy! TIMESTAMPS: 00:00 Intro 02:22 Warsh Kills Forward Guidance 05:57 Markets Price The Warsh Fed 11:19 The New Fed Task Forces 17:10 Impact On Rate Volatility 19:12 Warsh’s Balance Sheet Fight 23:13 Rethinking Fed Data 27:46 Weighing AI Productivity 31:52 Rethinking Inflation Target 36:17 Warsh’s Hawkish Market Signal FOLLOW JOSEPH › X/Twitter – https://x.com/josephwang › Website – https://fedguy.com/ › YouTube – https://www.youtube.com/@Fedguy12 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.

The Warsh Fed Will Look Nothing Like Before | Joseph Wang

Forward Guidance

# Full Transcript

**Podcast:** Forward Guidance

## Participants

- **Forward Guidance Host** (None)
- **Joseph Wang** (None)
- **Joseph Wang** (None)

## Transcript

[SPEAKER_01] Again, I expected Kevin Warsh to be the Kevin begging for the job. He came out and he was like, Kevin, you always knew it was there. So I think it was a pretty hawkish. I think that the market reaction is in line with the hawkish Fed. He has been a champion of having less Fed communication, and he put that into practice right away. Maybe we don't need an SEP. Maybe we shouldn't even have Fed presidents talk so much. Maybe we don't even need that many press conferences unless I had something to say. All the task forces are laying the groundwork for huge changes that are coming out

[SPEAKER_01] to the Fed. You could actually have a significant consolidation of power within the Fed chair. What really stood out to me is this last sentence that where Kevin says, the committee will deliver price stability. What you usually see in major tops is rate hikes. Now, we didn't hike rates now, but market is pricing at a hike. So you got all these things coming up together. I think they'll point to me to a... Nothing said on Forward Guidance is a recommendation

[SPEAKER_00] 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 and blockchain technology involve risk, terms, and conditions apply. Do your own research.

[SPEAKER_00] All right, everybody. Welcome back to another episode of Ford Guidance. And we are recording on a very special day today, June 17th, right after the first FOMC meeting from the new chair, Kevin Warsh. No one I'd rather be with right now than Joseph Wang, Fed guy. Joseph, you're the man of the hour for this type of stuff. Great to have you on the show. Thanks for inviting me, man. It's great to be back. Yeah, great to be back. We got to talk about how many times people said they hate the name

[SPEAKER_00] of this podcast now, or at least Kevin Warsh did. I see so many jokes about, you know, Ford Guidance is over. Going to change your name now? I know. We got to reprend or something. You got to be a, maybe change it to Task Force might be the new name for the podcast. How many times he said it? So yeah, I mean, we knew that was going to happen. He's been a big critic of Ford Guidance. We're going to spend the next little bit here talking all about the different points that we just learned from this pretty monumental day

[SPEAKER_00] of a new Fed chair. Why don't we start with that? So obviously, we got the statement that came out at 2 p.m. and they took an ax to it. Much more concise statement, very little forward guidance, quite intentionally so. So I just...

The Warsh Fed Will Look Nothing Like Before | Joseph Wang

Transcript

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The Warsh Fed Will Look Nothing Like Before | Joseph Wang

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.