Regime Change: Powell, Chair of Mega-QE & “Ample Reserves Regime,” to Be Replaced by Warsh, who Wants a Smaller Balance Sheet by Wolf Richter • Apr 29, 2026 • 7 Comments But Powell said he’d stay on as governor until “the investigation is well and truly over,” and promised “to keep a low profile” and support the new chair.
This Fed Meeting Must Have Been a Hoot. Fed Holds Rates amid 4 Dissents, most since 1992: 1 Dovish, 3 Hawkish by Wolf Richter • Apr 29, 2026 • 43 Comments “Inflation is elevated, in part reflecting the recent increase in global energy prices.” In part. And in part for other reasons.
Senate Confirmation of Warsh, who Wants to Reduce the Fed’s Balance Sheet, Gets Unstuck as DOJ Ends Powell Investigation by Wolf Richter • Apr 24, 2026 • 96 Comments Even during the Senate hearings, Warsh stuck to his guns: the Fed should have a smaller balance sheet.
US Government Sold $620 Billion of Treasury Securities this Week. 10-Year Yield Ends at 4.31%, 30-Year Yield at 4.91% by Wolf Richter • Apr 11, 2026 • 120 Comments Those yields look too low for what’s coming at the bond market: The next wave of Inflation and a Fed that’s comfortable with 3%+ core PCE inflation.
Fed’s Operating Losses Declined to $19 Billion in 2025, “Unrealized Losses” Declined to $844 Billion by Wolf Richter • Mar 25, 2026 • 36 Comments QE hangover a little less atrocious after years of QT and lower interest rates.
$5+ Diesel Could Unleash Inflationary Mindset the Fed Better Not “Look Through.” Inflation Was already Hot before Iran War by Wolf Richter • Mar 24, 2026 • 118 Comments When this inflationary mindset takes off, inflation becomes like a runaway train.
2-Year, 3-Year Treasury Yields Spike, Flip to Rate Hike. Yield Curve Uninverts. Government Sold $606 Billion of Treasury Securities this Week as the Borrowing Must Go On by Wolf Richter • Mar 21, 2026 • 94 Comments Whiff of turmoil in the bond market as inflation fears moved to the front and center.
Fed Holds Rates, now with Only 1 Dissenter, Sees Accelerating Inflation & GDP Growth by Wolf Richter • Mar 18, 2026 • 79 Comments Dot Plot projections still point at 1 rate cut in 2026. Powell: “If we don’t see that progress [on inflation], then you won’t see that rate cut.”
Update on the Fed’s Balance Sheet and its Reserve Management Purchases by Wolf Richter • Mar 5, 2026 • 24 Comments Adding T-bills, shedding MBS, Treasury note & bond balances on ice, SRF unused.
Markets’ Reaction to Warsh: Silver Collapses, Gold Plunges, Dollar Jumps, Treasuries Yawn, Stocks Drop, already Battered Cryptos Sink by Wolf Richter • Jan 30, 2026 • 217 Comments Pulling the rug out from under the “debasement trade.”
