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Federal Reserve Chair Warsh appears ready to defy the president's desire for a rate cut at Wednesday's meeting, and the read-through runs past the rate decision itself.
What's changed, if the framing holds, is the posture. Where Warsh may have been absorbing executive pressure quietly, he is now pushing back in a way that signals something more durable than a one-meeting disagreement.
The case for holding runs through institutional logic, and the mechanism here matters.
A central bank chair who moves rates in the direction the White House has publicly requested hands the administration a precedent it will use again. The political cycle does not stop; the next ask follows the first.
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