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The #Fed JUST bailed out the US Stock Market. ➡️ Warsh JUST said "since" the Sept FOMC, markets have aligned with "expectations." Yep, 5-year breakevens have "aligned" with pre-hike normalcy. ➡️ He suggests WAITING for the task forces... ➡️ Who might redefine inflation AND ➡️ That AI-led demand inflation is not due to good policy (by Trump) AND ➡️ The Fed needs to be careful of financial stability (Leopold and Leopold #2) ➡️ The Fed needs to be careful of tail risks ➡️ The Fed needs to be careful of employment uncertainty Bullish.