Kevin Warsh delivers his first address after being sworn in as Fed Chair. He made clear he will stick to the dual mandate of price stability and maximum employment. One word that may have gone unnoticed: 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲. Many assumed Warsh would simply fall in line with White House pressure for rate cuts. Maybe. But you don't say that word by accident in your first speech. Either way, with inflation ticking back up, there is little wiggle room to cut rates regardless. Until oil prices stabilize, don't hold your breath(Lark Davis)