Fed Hawkish Pivot and Internal Dissent
Warsh's hawkish hold, removal of forward guidance, and three dissents (Kashkari, Hammack, Logan) signal growing impatience with sticky inflation. Markets price 64% chance of a September hike. Bond market selloff continues with 30Y at 5.28%, reflecting fiscal dominance and term premium expansion. Warsh considering fewer FOMC meetings.
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Updated Aug 3, 2026