The Bond Market and the Dollar Call BS on Warsh

After an entire professional career of railing against the “excessively large” Fed balance sheet, pantywaist Fed Governors who were soft on inflation, and promising “regime change” into a Fed that has “no tolerance for persistently elevated inflation”, Kevin Warsh rolled up into his first real presser yesterday wearing John Lennon glasses and telling people to tune in, turn on, and not hike.