Heads up: Major central bank heads set to speak on a policy panel later today
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There will be watchful eyes on Fed chair Warsh and what he has to say today, but he won't be the only major central bank speaker on the agenda. Warsh is very much in focus with this appearance being just two weeks after his first press conference in the June FOMC meeting. At the
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Lead — The desk is weighing potential shifts in Federal Reserve policy as Kevin Warsh takes the helm, anticipating a more hawkish tone tempered by hints of dovishness. This nuanced approach could underpin a significant shift in market dynamics, particularly regarding the Fed's balance sheet management and interest rate trajectory. Per the full note [source], though no immediate changes to the policy rate are expected, markets will be keenly focused on Warsh's commentary, particularly his thoughts on AI-driven productivity growth as it relates to future rate decisions. As the consensus for EUR/USD, GBP/USD, and USD/JPY remain tightly clustered, the Fed's course may serve as a critical market catalyst amidst a calendar devoid of impactful economic events.