Summary

• Kevin Warsh's first Fed meeting signals a shift in communication and policy tone.
• The Bank of Japan and RBA continue to follow different policy paths.
• China's soft economic data increases the likelihood of further stimulus.

New Fed Chair, new tone

The Federal Reserve was the focal point for markets this week, as Kevin Warsh chaired his first policy meeting.

While the Fed left rates unchanged, investors were surprised by the hawkish shift in

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