Today, we note the huge change in vibe and substance as new Fed Chair Kevin Warsh took charge at the Fed at his first meeting. He is a great communicator and put his stamp on how this Fed will be a very different one with far fewer hints on its intentions - i.e. no forward guidance to the degree possible. The initial market read was clearly hawkish, but while short rates jumped as a possible FOMC rate hike was pulled forward, the longest treasury yields fell. We look at the reaction function across markets, including in currencies and more as the market will have to find its sea legs with this new Fed. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

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As discussed on today's pod, interesting to note the GM-Lockheed Martin partnership announcement. It wasn't specified what GM might produce, but the Iran war made clear that the US needs a new approach to mass producing military tech.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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