Kevin Warsh's Fed Chair hearing provided a lot of clues as to future policy. Here's a TLDR: On Independence: He pledged strict monetary policy independence. That said, he couldn't name a single Trump economic or fiscal policy he disagreed with (not a single one??) On the balance sheet: it's too big, should shrink, the Fed shouldn't hold long-term Treasuries, and rates should be the dominant policy tool - not asset purchases. On inflation: tariffs aren't the cause. The current inflation data is "imperfect." If inflation rises, he said bluntly, it'll be because the Fed caused it. On rates: too many Fed officials forecast them publicly in advance. Warsh would end that culture. On crypto: "Crypto is now part of the US financial system." No CBDC under his chairmanship and committed to that directly to senators. Now, whether he gets confirmed depends on whether Trump drops the Powell investigation. Time will tell...