Agrees with Mike McKee; hard to tell impact as administration will make up tariffs. Didn't think tariffs had major economic impact, so removal unlikely to have enormous impact. Affects budget revenues, fiscal deficit, and 10-year yields. $170B in tariffs; if all go away, it's a tax cut—good for economy, bad for budget deficit.

Won't go as far as talking about hikes. Has been on record saying neutral Fed funds is closer to 4-4.25%. Sees Fed funds currently in moderately expansionary territory, so no need for additional cuts. If tax refunds from Big Beautiful Bill provide strong fiscal impulse, no more rate cuts this year. If inflation responds to consumption impulse, can't rule out anything.

Kevin Warsh is well-respected, not seen as overly dovish. He doesn't believe in unorthodox policy on balance sheet. Motivates rate cuts from productivity increases leading to price declines, but that doesn't account for fiscal policy or that higher productivity means higher neutral rate. Premature to assume he'll push for massive rate cuts; he'll look at data like current Fed.