Global Macro Digest

Fed Hawkish Pivot and Internal Dissent

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.

Sources (3)
Updated Aug 3, 2026
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