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<p>The chair who refuses to give guidance just gave the most hawkish kind.

Warsh went to Sintra and said the quiet part plainly: prices are too high, inflation is the job, and he waved off the AI will save us story. No cut hints. No recession nod.

The 2 year heard it. Already at 4.15 and leaning on the 4.25 line, its highest since February 2025.

He did not steer the market. He just removed every reason for it to price a cut.</p>

The chair who refuses to give guidance just gave the most hawkish kind.
Warsh went to Sintra and said the quiet part plainly: prices are too high, inflation is the job, and he waved off the AI will save us story. No cut hints. No recession nod.
The 2 year heard it. Already at 4.15 and leaning on the 4.25 line, its highest since February 2025.
He did not steer the market. He just removed every reason for it to price a cut.

The chair who refuses to give guidance just gave the most hawkish kind. Warsh went to Sintra and said the quiet part plainly: prices are too high, inflation is the job, and he waved off the AI will save us story. No cut hints. No recession nod. The 2 year heard it. Already at 4.15 and leaning on the 4.25 line, its highest since February 2025. He did not steer the market. He just removed every reason for it to price a cut.

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