Quoth the Raven
· QTR’s Fringe Finance
· June 19, 2026 at 11:34
· ⏱ 1 min read
| Read on Substack ↗
Summary
The article argues that the Federal Reserve under new Chair Kevin Warsh may be breaking with its post-2008 playbook of endless QE and market rescues, as inflation runs out of control. This suggests a potential regime shift that would remove the perpetual Fed put, with major implications for risk assets and the market's reliance on central bank support.
•Gordon Johnson of GLJ Research concluded from this week's Fed meeting that the Fed may finally break with the post-2008 playbook.
•The author had previously predicted the Fed would never stop QE, but now acknowledges the possibility of a shift.
•Kevin Warsh's first press conference as Fed Chair occurs with inflation 'running completely out of control.'
•The article characterizes the potential change as a 'break' from the established playbook, not just a marginal tweak.