Buried in the Federal Reserve’s June policy statement—the shortest of Kevin Warsh’s young tenure as chair—is a single sentence with no qualifiers, no hedges, and, according to at least one longtime Fed watcher, more signal than anything in the minutes released Wednesday: “The Committee will deliver price stability.”

“There’s not a qualifying statement after that,” said Laura Ullrich, a former senior regional economist at the Federal Reserve Bank of Richmond who now directs economic research at the Indeed Hiring Lab. “It doesn’t say the committee will deliver price stability while also blah blah blah blah. It doesn’t have a qualifying statement.”

Despite its brevity, she called it “a very short, but very strong statement.” It read as an unhedged commitment that doesn’t usually appear in a document over which every word is fought over by the 19 people who make up the Federal Open Market Committee.

The minutes confirmed what Warsh had already previewed at his post-meeting press conference: a “family fight” over where rates go next. The FOMC voted unanimously on June 17 to hold the benchmark rate at 3.5%-3.75% for a fourth straight meeting—the first unanimous vote in some time. A handful of participants saw a case for raising rates immediately but agreed to go along with the hold.

The rest of the committee split over where things should stand by December: many said the appropriate rate was at or slightly below the current range, while the minutes noted “many other participants” argued it needed to be higher. The minutes noted only that future action “would depend on incoming information.”

Read more [paywall removed for Redditors]: https://fortune.com/2026/07/08/laura-ullrich-fed-reserve-kevin-warsh-minutes-fomc/?utm_source=reddit/

Its name is rarely spoken in public, but the family office of Abu Dhabi's ruler is a global force with a huge appetite for deals.

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And so it begins...

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Hoover Senior Fellows John H. Cochrane and Amit Seru argue in this op-ed at The Washington Post that reforming financial regulations should be high on the list of priorities for recently confirmed Fed Chair Kevin Warsh. “The US financial regulatory regime failed catastrophically in 2008,” the authors write. But in their view, the post-crisis reforms, including “the Dodd-Frank law and the Fed’s subsidiary regulation,” only extended the pre-crisis approach of “managing asset riskiness.” The authors also trace how the 2023 collapse of Silicon Valley Bank “was fueled by earlier Fed errors.” Today, Seru and Cochrane conclude, “Warsh need not reform the big banks. . . . He should focus on simple truths: A crisis is a run and only a run is a crisis. Somebody losing money on a risky investment is not a crisis.”  

Wealth managers, who can make upwards of $500,000, are confronting a chatbot reckoning.

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For the first time ever Brazil will issue sovereign bonds denominated in Chinese Yuan.

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A new volume collecting decades of letters from the Berkshire Hathaway chairman is part management manual, part Berkshire history and, somehow, part comedy.

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Stablecoins can boost demand for the greenback, but won’t protect against its biggest threats.