Daily Rundown
- Chief Strategist, Bryan Jordan CFA
- 1 day ago
- 2 min read
February 2, 2026
Chart of the Day
Number of the Day
0 - Number of dissenting votes cast by Fed chair nominee Kevin Warsh as a member of the Board of Governors across 40 FOMC meetings from 2006 to 2011
Quote of the Day
"The Fed has the policy mix exactly wrong - it has a big balance sheet, like we're in the '08 crisis or the 2020 pandemic, and has rates that are too high." - Federal Reserve chair nominee Kevin Warsh, last July
Friday's Highlights
President Trump nominated former Fed Governor Kevin Warsh to the chair position at the Federal Reserve.
The PPI (December) rose by 0.5 percent on the month and 3.0 percent year-over-year.
The core PPI (December) rose by 0.7 percent on the month and 3.3 percent year-over-year.
American Express network volume (Q4) moved higher by 9.1 percent year-over-year.
Quick Commentary
It has been widely noted that Kevin Warsh was the most hawkish of the five finalists for the Fed chair position, but his comments last summer strongly suggest that he will at least push for a continuation of the easing cycle when he takes the helm this spring. Warsh's longstanding support for a smaller Fed balance sheet is a potential issue for risk assets, but, as the current incarnation of the FOMC has discovered in recent months, quantitative tightening is easier said than done given its impact on bank reserves and liquidity.
Today's Highlight
ISM manufacturing survey
Daily Trivia
What annual ad campaign, which ran for the first time in 1987, came about when a marketing executive sought to capture "the most joyful moment in all of American television"?
(Friday's Question: What landmark work was criticized upon its release for its 1,000-page length, with one critic noting that "only a Scotsman would think this concise"? Answer: The Wealth of Nations)