US Pulse

This report previews the upcoming FOMC meeting under new Chair Kevin Warsh, emphasizing the Fed's focus on inflation amidst an energy price shock. It also reviews recent US data showing rising headline inflation and cooling consumer activity.

Key Takeaways

• 1.Kevin Warsh assumes chairmanship of the FOMC with expectations focused on his commitment to the 2.0% inflation target and potential structural reform agenda.
• 2.The FOMC is expected to adjust its economic outlook, revising 2026 growth down and inflation projections up, while potentially removing the implicit easing bias from its statement.
• 3.Recent US data shows headline inflation (CPI/PPI) rising due to energy prices, though core inflation remains relatively contained and consumer volume growth is slowing.

Table of Contents

• Data ahead of FOMC
• The week ahead
• The week that was
• US Pulse: all eyes on Warsh

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