Kevin Warsh is rumored to be the incoming Fed Chair, with Trump's announcement expected tomorrow. The spike in Polymarket odds suggests a leak. Warsh has advocated for a structural overhaul of the Federal Reserve and a "new Treasury-Fed Accord." He posits that an AI-driven productivity boom is inherently disinflationary, providing the basis for aggressive rate cuts. He also contends that the Fed's balance sheet has been used to subsidize Wall Street and should be reduced significantly, signaling a strong stance against QE.(Alex Krüger)