> 🇺🇸 FED CHAIR KEVIN WARSH SAYS THE FEDERAL RESERVE HAS OFFICIALLY DROPPED FORWARD GUIDANCE.

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> WARSH: WE'LL FIX FIVE YEARS OF MISSES ON INFLATION

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> WARSH: SOME ECON DATA WE RECEIVE MIGHT BE AN 'ECHO OF HISTORY'

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> 🇺🇸 FEDERAL RESERVE CHAIR KEVIN WARSH SAYS FED OFFICIALS ARE "VERY OPEN ABOUT CHANGES."

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> IRAN'S FOREIGN MINISTRY SPOKESPERSON SAYS U.S. HAS COMMITTED TO CANCEL ALL TYPES OF SANCTIONS ON IRAN BASED ON A SCHEDULE THAT WILL BE DISCUSSED IN UPCOMING TALKS - SNN

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> WARSH: FINANCIAL MARKET PRICES ARE THE MOST IMPORTANT SOURCE OF INFORMATION TO GUIDE CENTRAL BANKERS

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> WARSH DECLINES TO COMMENT ON RISING TREASURY YIELDS FOLLOWING FED DECISION

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> WARSH DECLINES TO COMMENT ON ANY INTERACTIONS WITH TRUMP SINCE CONFIRMATION

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> WARSH: WE NEED TO MAKE SURE RISING PRICES DON'T BROADEN THROUGH THE ECONOMY

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> WARSH: AI IS FILLED WITH OPPORTUNITY, RISKS

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> WARSH SAYS NONE OF 19 AT TABLE FELT WE NEEDED TO TIGHTEN TODAY

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> IRAN'S OFFICIAL NEWS AGENCY RELEASES TEXT OF INTERIM U.S.-IRAN AGREEMENT

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> IRAN'S OFFICIAL NEWS AGENCY ON MOU TEXT: THE TWO COUNTRIES NOT TO INTERFERE IN EACH OTHERS INTERNAL AFFAIRS

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> IRAN'S OFFICIAL NEWS AGENCY ON MOU TEXT: TWO PARTIES COMMIT TO REACH A FINAL DEAL IN 60 DAYS NEGOTIATION THAT CAN BE PROLONGED

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> TRUMP: IRAN DEAL WILL BE SIGNED OVER NEXT 48 HOURS

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> TRUMP: WILL LEAVE U.S. MILITARY IN GULF 'FOR A WHILE'

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> IRAN'S OFFICIAL NEWS AGENCY ON MOU TEXT: IRAN, U.S. AGREE TO RESOLVE THE STATUS OF STOCKPILED ENRICHED MATERIAL THROUGH A MUTUALLY AGREED MECHANISM

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> TRUMP: U.S. WOULD DO BETTER WITHOUT USMCA AGREEMENT

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> WARSH ENDS NEWS FIRST NEWS CONFERENCE AS FED CHAIRMAN

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> IRAN ON MOU TEXT: U.S. COMMITS TO END ALL SANCTIONS ON IRAN BASED ON AN AGREED TIMETABLE WITHIN THE FRAMEWORK OF THE FINAL AGREEMENT

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> FED PRESS CONFERENCE TAKEAWAYS:

TLDR: THE GOOD NEWS FOR YOU IS WE HAVE A TASK FORCE FOR THAT

1. SHORT STATEMENTS.
2. NO FORWARD GUIDANCE.
3. WARSH SAID FINANCIAL MARKETS PERFORM BEST WHEN THEY REACT TO INCOMING DATA NOT ON "HOW WILL THE FED REACT TO THAT INCOMING DATA"
4. FOMC ‘UNAMBIGUOUSLY AND UNANIMOUSLY’ GOING TO DELIVER 2% INFLATION. WE'LL FIX FIVE YEARS OF MISSES ON INFLATION, WARSH SAID
5. WARSH ANNOUNCED TASK FORCES THAT WILL LOOK INTO SEVERAL AREAS AND MAKE RECOMMENDATIONS FOR IMPROVEMENTS BY YOD: COMMUNICATIONS, THE BALANCE SHEET, USE OF DATA SOURCES, PRODUCTIVITY AND JOBS, AND THE FED’S INFLATION FRAMEWORK
6. ON BALANCE SHEET: WILL REVIEW THE BENEFITS AND RISKS OF THE CURRENT AMPLE RESERVES REGIME AND THE COMPOSITION OF THE BALANCE SHEET.
7. ON DATA SOURCES: WILL EVALUATE NEW INFO SOURCES & CONSIDER METHODOLOGICAL CHANGES TO IMPROVE DATA-GATHERING.

*WARSH EXPERIENCES WORST ‘FED DAY’ S&P 500 PERFORMANCE FOR A NEW CHAIR SINCE 1994

*TRADERS FULLY PRICE IN TWO FED RATE HIKES BY THE END OF 1Q 2027

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