The new Fed Chair walked into the White House on Friday and promised lower inflation and stronger growth. The bond market is still pricing zero cuts in 2026. Both can’t be true.
Inflation is priced in, labor will drive interest rates from here.
Warsh Takes the Chair & Concessions Take the Rent.
Keep your eye on the Sun Belt, its early innings.
Energy prices are elevated, but rents are starting to turn, builders are pulling back, and demand for housing is picking up again.
