Today’s FED meeting was not hawkish and let me very quickly explain exactly why! Trimmed mean measure of inflation is currently sitting around 2%. And the guy who’s been non-stop talking about trimmed mean is the current FED chair. And he dropped a massive hint today: one of these task forces is straight-up going to rethink data sources and the inflation framework. That’s code for “we’re shifting to measures that actually show inflation sitting near 2% instead of chasing the sticky headline number.” It’s crazy the market’s reading this like a standard Powell presser, but this is complete regime change at the FED and it’s awesome! The members with their dot plot maybe were hawkish, but Warsh even called them out and said he noticed erasers on the pencils they were using! 🤣 Warsh was not hawkish! Warsh spent a huge chunk of the presser announcing a task force that will renovate the way FED handles data sources and inflation framework. He’s saying the game’s rigged with bad metrics, and he’s about to un-rig it.(Dan Gambardello)