The Federal Reserve kept interest rates unchanged on Wednesday, and Chair Kevin Warsh outlined his vision for the central bank’s future role in markets.

On the latest Unhedged podcast, hosts Katie Martin and Rob Armstrong debate whether Warsh can shape the Fed as he desires, while also revisiting their wagers on gold and bitcoin.

The discussion highlights Warsh’s emphasis on transparency and rule‑based policy, contrasting with the current discretionary approach. Martin and Armstrong weigh the credibility of such a shift against recent inflation data and market expectations. They also note that their earlier bets on gold and bitcoin have diverged, illustrating the uncertainty surrounding safe‑haven assets in a shifting rate environment.