Alex Frangos

He has deep ties on Wall Street.

But in recent years, he's become more of a Trumpian economic thinker.

He's been very pro-rate cut during this process, something that will have been pleasing to Trump's ears.

But the question is, which Kevin Warsh will show up at the Fed?

Is it going to be the old Kevin Warsh, who was someone who wasn't afraid to go against the Fed consensus?

census or the one who more recently thinks the same tune as Trump in terms of pro tariffs and wanting rate cuts, even while others think there's still inflationary pressure in the economy and therefore you shouldn't.

So I think Trump has to worry a little bit that he puts the guy in and then he goes against him.

And that's been his big reservation.

But clearly he got comfortable with Warsh and that's the way it's going.

What was your reaction?

It was definitely stronger than he usually is.

He's a very technocratic, careful guy, you know, tends not to try to make waves in what he says.

I mean, Fed chair is like the consummate kind of person who goes before Congress and says nothing for four hours.

So for him to come out and do a video, put it on X, put it out at 730, just as the NFL games are ending, knowing who the audience is, it's a pretty strong statement.

Yeah, so far, negatively.

It's not massive so far, but the dollar's definitely weaker.

Gold is at a record, went up another 2%.

You're seeing long-term bond yields rise, which is an indication that investors are nervous about the far future, and stock futures are down.

So generally, it's a negative reaction.

This definitely makes people worried, not just about the short term.