Capital Flows
· Capital Flows
· June 18, 2026 at 01:24
· ⏱ 1 min read
| Read on Substack ↗
Summary
The article argues that Kevin Warsh's new FOMC playbook will change how forward guidance and interest rate risk function over the next three months, and warns that the global carry trade is approaching a critical cliff driven by yen devaluation. For traders, this means heightened macro uncertainty and potential volatility in rates and FX markets, but the author provides no specific actionable positions.
•Kevin Warsh has implemented a new regime playbook that alters the mechanics of forward guidance and its impact on interest rates over the next three months.
•Tomorrow's livestream will cover 'The Devaluation Of The Yen and Global Carry Trade,' which the author describes as a fundamentally misunderstood driver of macro liquidity approaching a cliff.
•The newsletter promotes a paid membership tier that offers proprietary analysis connecting the macro regime to price action and specific trading playbooks.
•The author references previous reports titled 'COMPUTE IS THE NEW OIL' and 'The Warsh Regime Change and The Credit Cycle' as relevant for those long Hyperliquid or the S&P 500.