Asked in July 2025 whether his urging for Fed rate cuts was shaped by the president who might hire him to lead the central bank, Kevin Warsh said: "There's a time for a bird to change his feathers, and it's with the times. It has nothing to do with this president." Investors now expect the Fed to raise rates this week because of how Warsh has communicated his reading of the economy and because of how events have unfolded as he has done so. The case for raising rates is a measure of how much the outlook—from the war and the AI investment boom, in particular—has shifted since Warsh took over the central bank in May. https://www.wsj.com/economy/central-banking/warshs-arrival-ended-trumps-war-with-the-fed-a-rate-hike-would-test-the-truce-8fd9058f?st=ajFXBV&reflink=desktopwebshare_permalink