Interrogating reality or integrated by reality: Kevin Warsh Conference Summary

Kevin Warsh delivers cautios narrative with noticably dovish tilt: 

Economic Growth: 

• "ECONOMIC ACTIVITY IS EXPANDING AT A STRONG PACE"
• "INFLATION REMAINS ELEVATED"
• "FED BELIEVES MORE INFORMATION WILL HELP DETERMINE STANCE"
• "COMMITTEE WILL DELIVER PRICE STABILITY"
• "DOMESTIC SPENDING HAS BEEN RESILIENT"

Financial Enviorment:

• "FINANCIAL CONDITIONS TIGHTER, UNABLE TO CALL THEM TIGHT"
• "WE'VE STARTED TO SEE SOME CHANGE IN FINANCIAL CONDITIONS"
• "MUST ENSURE RELATIVE PRICE CHANGES DON'T BROADEN OUT"
• "FED BELIEVES MORE INFORMATION WILL HELP DETERMINE STANCE"

Change in schedule of FOMC meetings was changed: 

• "FOMC SCHEDULE WILL CHANGE AS OF NEXT FALL"
• "WE BELIEVE EIGHT MEETINGS PER YEAR IS RIGHT NUMBER"
• "IN 2027, ONE MEETING WON'T HAVE VOTE ON RATES, STATEMENT"

Q&A: 

• "I FEEL GOOD ABOUT INFLATION EXPECTATIONS SIGN POSTS"
• "INFLATION COMPENSATION IS GOING THE RIGHT WAY"
• "TREASURY YIELDS RETREAT FROM DAY'S HIGHS AMID WARSH COMMENTS"
• "ENCOURAGED BY PROGRESS WE'VE MADE IN SHORT PERIOD"
• "THERE'S NO FIRM CONCLUSIONS NOW ABOUT MONETARY POLIC"
• "WE WILL DELIVER PRICE STABILITY, NO IFS ANDS OR BUTS"
• "THERE IS NO SOFT OR IMPLICIT INFLATION TARGET"
• "I MIGHT HAVE A FEW WORDS TO SAY AT NOV. 16 FIELD HEARING"
• "BALANCE SHEET NOW SOLELY WITHIN FOUR WALLS OF TASK FORCE"
• "POLITICS PLAYED NO ROLE IN FED DECISION"
• "MOST AT FED DON'T THINK ECONOMY IS RUNNING TOO HOT"

EURUSD (M1)

Source: xStation5