The Game: The program has been announced. The implementation has begun. The chair does not need to win a majority for a standalone cut on the merits of incoming inflation data, because he has changed what the committee will be voting on.

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Kevin Warsh's confirmation testimony committed the next Federal Reserve chairmanship to a coordinated balance-sheet and rate-cut program. He was sworn in and elected FOMC chair on May 22. The Coordination documented the architecture; The Analogue documented the look-through framework now being applied. The Game reads the opening moves.

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