speaker1
Kevin Warsh appointment is a big short-term catalyst for markets after frothy price action - will change things around.
speaker1
Market realigning: expect dollar bounce (though move getting overdone), pullback in precious metals, crypto, and stocks - temporary correction.
Warsh uncomfortable with Fed as active market participant via QE supporting asset prices - equity market has relied on Fed put.
speaker2
speaker1
Warsh's balance sheet views relevant to yield curve steepening and sell-off - part of hawkish stance wanting to lower balance sheet.
speaker1
Short-term turning point that might last couple weeks - people buying every new top will correct.