Daleep (Dalip) Singh

speaker

102 appearances 1 recordings 1 series first heard Jul 2026 last heard 7 Jul

Daleep (Dalip) Singh’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Outthinking Investor with Daleep Singh · Warsh's Opening Act: Inside the Fed's Regime Shift with James Bullard · 7 Jul 2026 podcast

What's it gonna take to get back to 2.0%?

You mentioned that the inflation readings that the Fed looks at most closely have now overshot the target for many years running, more than five years running.

What does that suggest to you about the timing, the pace, the magnitude of any rate hikes that we see this year?

Would that also suggest, Jim, that since the labor market does appear to be stabilizing, maybe even accelerating?

the committee could in a sense afford to move earlier and faster without risking outsize slippage relative to the employment target.

Okay.

So let's talk about forward guidance.

Chair Walsh has argued for years that the Fed overcommunicates, that forward guidance creates a sort of circularity in which markets price the policy path the Fed has signaled.

Which drains the information value out of the yield curve and potentially ties the committee's hands in ways that produce worse policy outcomes.

You've spent 15 years inside a committee that built its operating model around forward guidance, you know, state contingent projections that are designed to shape expectations.

So I'll just put it to you directly: is Chair Warsh doing the right thing?

And what does it cost the Fed to get?

Give up guidance in terms of front end volatility, the transmission of policy to the economy, and global spillovers.

What are the trade offs?

And let me try to put a fine point on the risk of a very different approach.

So when the Fed offered rich, let's say revealing forward guidance, the reaction to any single data release was cushioned by the Fed's signals about the likely policy path.

When you take that cushion away and every CPI print, every jobs report, every speech by a Fed official lands with greater force.

Especially in the early going of a regime in which investors don't really have enough data points to see the pattern.

What do you see as potential consequences or trade offs?

At least on the front end of the curve and maybe the transmission of policy.

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