Lead idea
Fed credibility shattered after July press conference
The guest argued the Fed's credibility on inflation fighting collapsed after Chair Warsh's July press conference, creating a 'meet the new boss, same as the old boss' narrative. Follow Last Call argued it on Excess Returns’s “Sticky Inflation. Cheap Volatility. A Less Predictable Fed. Why Aren’t Markets More Worried?”, aired 31 August 2026. The guest tracked a narrative explosion showing the Fed is seen as all talk and no action on inflation, a break in credibility that is hard to repair and is reflected in assets like gold.
EXCESS RETURNS · “Sticky Inflation. Cheap Volatility. A Less Predictable Fed. Why Aren’t Markets More Worried?” · 31 AUG