Fed Chair Warsh: Fed Policy Spills Over Globally, Foreign Policy Affects US

Warsh's framing cuts both ways: it acknowledges the Fed's outsized global footprint while asserting that foreign policy choices feed back into US conditions, a subtle pushback against the view that the Fed sets the weather for everyone else. The more concrete signal is his resistance to pre-committing ahead of meetings, which keeps optionality intact and leaves markets parsing data rather than guidance. Whether that stance holds as spillover pressures mount is the open question.