1. June Policy Meeting: Hawkish. Warsh emphasized that "inflation is well above the 2% target" and made it clear that there would be no interest rate cut. The Dow Jones Industrial Average fell 0.98%, the S&P 500 fell 1.21%, the Nasdaq fell 1.34%, and spot gold closed down 1.66%.
2. July Policy Meeting: Neutral to Hawkish. Warsh emphasized that inflation was high but declined to reveal the next direction. The Dow Jones Industrial Average fell 2.19%, the S&P 500 fell 1.52%, and the Nasdaq fell 1.74%; spot gold briefly rose to $4,100 before falling back to around $4,066.
3. August Jackson Hole Symposium: Hawkish. At the Jackson Hole symposium, Warsh made it clear that the 2% target was unshakeable and that financial conditions were not restrictive. Spot gold plunged about 3%, the Nasdaq closed down 0.52%, and the S&P 500 fell 0.25%.
4. September Policy Meeting: Hawkish. Warsh emphasized restoring price stability but declined to commit to a future policy path. The Dow Jones Industrial Average initially closed down 1.2%, the S&P 500 down 0.44%, and the Nasdaq down 0.01%. Spot gold reversed its gains and fell before rebounding sharply the following day.
5. October IMF Annual Meetings: Neutral to Dovish. Warsh explicitly stated that he would not "predict" interest rate decisions and reiterated his commitment to the long-term goal of achieving price stability. The Dow Jones Industrial Average fell 0.34%, the S&P 500 down 1.09%, the Nasdaq down 2.15%, and spot gold closed down 0.32%.
