Recorded on 07/14/26 TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen&#x27;s Two Cents Podcast, which this month features a conversation with Gennadiy Goldberg, the head of rates strategy at TD Securities. We look at Kevin Warsh&#x27;s first few weeks on the job as Federal Reserve chair and assess what it means for interest rates going forward. In addition, TD Cowen specialty salesperson Scott Smith gives an assessment of bank earnings season. https://go.td.com/PodcastDisclosure Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kevin Warsh And The Future Direction For Rates

TD Cowen Insights

Welcome to TD Cowen Insights, a space that brings leading thinkers together to share insights and ideas shaping the world around us. Join us as we converse with the top minds who are influencing our global sectors.

Welcome to July in our monthly TD Cowen Two Cents podcast. I am Jared Seberg, Financial Services Policy Analyst for TD Cowen Washington Research Group.

We have a great lineup today as I am bringing back my colleague, Gennady Goldberg, to assess Kevin Warsh's initial moves as Federal Reserve Chair, including his first FOMC meeting, his first FOMC press conference, and his first monetary policy testimony to Congress. But first, let's turn to my partner in podcast, Scott Smith, who was our specialty salesperson for financials.

Scott, what are some of the macro takeaways from the start of earnings season? So, Jared, the macro takeaways are generally that capital markets, as expected, was exceptionally strong in the quarter, that the outlook is still pretty bullish. On the loan growth side, the numbers are also, so far, very good. And consumer credit, very good. Provisions have been low from the companies that have reported, and it all feels relatively constructive.

It does come on a day where expectations around what the Fed is going to do with respect to the forward path is in a bit of flux. I would say last few meetings with investors, it felt like more people thought the next move was lower, not higher, regardless of what the forward curve is showing us. And some of the recent data, you know, has been cutting both ways with respect to that.

Kevin Warsh And The Future Direction For Rates

Read the full transcript

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

Kevin Warsh And The Future Direction For Rates

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.