Summary

• Warsh's first FOMC broke with how the Fed operates.
• Forward guidance is gone, and he launched five task forces to remake Fed communications and its inflation gauge.
• Spot BTC ETFs have run net outflows for about a month and a half straight.
• The brief de-escalation rally drew no confirming inflows, marking it a news-driven blip, not a real rebound.
• A 5% up day liquidated only ~$324M of shorts versus close to $1B of longs on a comparable down day.

This week reset the rules. In his FOMC debut, Kevin Warsh held rates but scrapped forward guidance, flipped the dot plot toward hikes, and put the Fed's own communication and inflation tools under review, while the Bank of Japan's