●       Warsh is sounding more hawkish than earlier expectations —positive for USD and US bond yields and negative for USTs, gold, and even equities. ●       Warsh is advocating for more QTs, no more QEs (leaner Fed B/S) , and linking productivity growth against inflation vs growth dilemma—the Phillips Curve is no longer applicable. ●       Warsh may consider the trimmed mean CPI inflation as the Fed’s inflation targeting tool rather than core PCE inflation. It’s now almost certain that the US DOJ will drop the ‘Fed building renovation scam/corruption criminal’ case as alleged by Trump & Co., and thus there may be no real hurdle for the Trump-selected Fed Chair nominee Kevin Warsh to be the next Fed Chair after Powell’s exit in May. The U.S. Federal Reserve (Fed) is the world's most influential central bank. The Fed is virtually the ‘global central bank.' The Fed's monetary policies—actual action...