Murphy analyzes several clips from the Q&A session of the new Fed chair's latest press conference, arguing that Warsh was refusing to give any assistance to the public on what to expect from the Fed in the future. Bob then explains why the hike surprised so many analysts: with ~$32 trillion in debt held by the public, fiscal dominance theory said the Fed couldn't hike, and why this move may have been symbolic to prove Fed independence from political pressure.
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