Episode 431
Changes at the Fed: What Makes the Warsh Fed Distinctive (Federated Hermes)
In this episode, Craig Jeffery and Sue Hill of Federated Hermes discuss what is changing under Fed Chair Kevin Warsh following the September rate hike. They examine Warsh’s reduced-forward-guidance approach, the Fed’s new policy task forces, inflation and employment priorities, and what investors should watch as markets adjust to a less communicative Fed.
Watch the recent webinar with Federated Hermes: Fed’s New Chapter: Communication, Task Forces, Policy Stance
Treasury Update Podcast episode 385: Life After Powell: What’s Next for the Fed and the FOMC? (Federated Hermes)
Views are as of October 5, 2026 and are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security or sector.
Although the information provided in this presentation has been obtained from sources which Federated Hermes believes to be reliable, it does not guarantee accuracy of such information and such information may be incomplete or condensed.
Federated Hermes is not affiliated with Strategic Treasurer.
Host:
Craig Jeffery,
Strategic Treasurer
Speaker:
Sue Hill,
Federated Hermes
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Related Resources
Kevin Warsh was sworn in as the new Fed Chair on May 22nd. He has emphasized a “new chapter” with more limited guidance, tighter operations, and a more rigorous adherence to a 2% inflation target. Communication has already shifted, multiple independent task forces were launched at the June FOMC meeting, and the July meeting had three dissenters in favor of a 25bps rate hike. What do these changes mean for investors and borrowers? Listen to a lively discussion that considers the impact of changes in communication, shifts in approaches, and what treasury should bear in mind in the second half of 2026 and into 2027.
In this episode, Craig Jeffery talks with John Mosko and Sue Hill of Federated Hermes about Jerome Powell’s final months as Fed Chair and what a leadership change could mean for markets, rates, and policy transparency. They cover potential successors, economic risks, and how treasury teams can prepare for evolving FOMC dynamics and potential impacts in 2026.
