Tom Schmidt

You know, it's sad to see, you know, Powell out.

Yeah, and I think specifically people who miss the good afternoon instead of the good day with Warsh.

I don't know.

I think, you know, it's still very early.

And ultimately, like what we've seen from FedChairs in the past is really where they kind of show their true character is when there's a crisis and that's when they decide what to do.

Obviously, Bernanke very famous with 08, Powell with COVID.

And so, you know, I think I've seen some

charts fling around where you look at not not dot pop but like banking analysts projections of you know several years out of interest rate and it's basically always wrong because there's always some exogenous event that that ultimately ends up affecting Fed policy and that's really the moment when these things kind of kind of matter so

I don't know.

I think we got a few more years and a few more maybe hectic events before we see how good Warsh is.

I have less of a read.

I will say on the data front, I was always under the assumption that really the Fed was maybe the most authoritative, the most accurate source when it comes to looking at these different measures of inflation or inflation that they obviously use to influence policy.

I was talking to Tarun Chitra from Gauntlet and Robot, who's a co-host on my podcast a while ago, and

He was shitting on the Fed's, you know, data efforts.

He said they actually have, like, incredibly poor data infrastructure.

And it's like, you know, these private market investors have, like, you know, way more sophisticated models for CPI.

So maybe the answer is he's trying to turn the Fed AI native or something like that.

I don't know.

Maybe that's favorable.

That may still happen.