Week of August 3, 2026
As we suggested a few weeks ago, we applaud the appointment of Kevin Warsh as Federal Reserve Chair. His refusal to telegraph the future direction of interest rates briefly rattled the stock market, but we believe that is precisely the right approach. Markets should respond to economic fundamentals, not Fed hints. In our view, this will help restore the Fed’s inflation-fighting credibility over time. Our Signals remain unchanged.
Bob Bilkie, CFA
