What if the Fed could make inflation look almost a point lower tomorrow without anything changing in the economy? Core PCE today: 3.2% The measure Kevin Warsh wants to use instead: 2.3% Same economy with same prices, but different inflation numbers. Warsh basically just told the Senate this is the framework he wants the Fed to use. Pair it with his AI deflation thesis and his openness to cutting rates while continuing QT, and you've got a regime change almost nobody is pricing in. https://youtu.be/mhMoHWBuqj8(Dan Gambardello)