Three distinct topics, but at the same time, they are almost (kind of) the same topic, or at least interconnected. A Warsh Fed We discussed Warsh on Friday (along with gold, Bitcoin, and the flippant use of “debasement”). Dismissing the “Warsh is a Hawk” narrative: We are looking for 3 rate cuts by September. Not 300 bps, just 75 bps. That isn’t a heavy lift. It is easier to be hawkish when you are not the person who risks sinking the economy into a recession. We’ve argued for ages that whoever becomes the Fed Chair immediately shifts two notches more ... The Fed, Electricity, & Affordability