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.

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.