illiam Blair：2026年经济学周报：瓦什希望我们更多地思考经济的供给侧报告（英文版）

In our view, the most important part of Fed Chair Warsh’s opening press conference last week was not the dropping of forward guidance—that was already dead and buried in light of the inflation regime shift since 2020—rather, it was the lack of clarity regarding the Fed’s new reaction function to employment and inflation. In our opinion, this creates the most uncertainty: if the Phillips curve–type view of the world is being jettisoned, what replaces it? The new Fed chair wants to conduct a ro