(https://www.cnbc.com/2026/07/15/buffett-says-trumps-pick-of-kevin-warsh-for-fed-chair-was-good-choice.html) is the geopolitical death knell nobody's talking about. Powell maintained a *high* real rates floor to fight Iran war-driven inflation premiums. Warsh pivots to accommodation — lower rates, softer stance on commodity spikes.

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