FOMC Update: Warsh Falls Flat

Summary

The Fed held rates with three dissents, but Chair Warsh couldn't offer a clear economic case for the decision, and markets punished him with the sharpest bear-steepening of any FOMC day in five years. Aurora breaks down why September is now pricing at 55%, and why Warsh's break from forward guidance is a bet he may not be able to sustain.

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