RenMac Off-Script: Warsh Case Scenario

<p>Boucher fills in for Dutt, hosting an especially off-script edition of RenMac Off-Script, covering the biggest earnings and macro week of the summer, headlined by Kevin Warsh&#39;s dovish Fed hold. Neil Dutta argues the move reeks of a credibility problem that leaves the chair looking weak, with the long end selling off and a September hike increasingly likely as inflation—not growth—owns the Fed&#39;s reaction function. Jeff deGraaf puts a face on the momentum crash through the blow-up and rescue of Leopold&#39;s levered semis-versus-software trade, calling it a clearing event rather than the all-clear. The team also digs into rising global yields, energy&#39;s quiet leadership, tightening credit conditions, and Steve Pavlick&#39;s read on reconciliation, the debt limit, and the odds on the Clarity Act.</p>