Week of May 11, 2026
A Warsh/Friedman-style Fed reinforces our Interest Rate and Monetary Policy Signals, which are currently green. A disciplined, minimalist central bank focused on monetary stability, restrained intervention, and market-driven capital allocation should support lower long-term policy uncertainty, productive investment, improved market efficiency, price stability, and stronger sustainable real output growth over time. Our Signals remain unchanged.
Bob Bilkie, CFA
