Microsoft and Meta reported quarterly results after the Fed press conference. Meta narrowed 2026 capex guidance to $130bn-$145bn, but its current-quarter revenue outlook midpoint of $61bn-$64bn fell short of the $63.1bn consensus. Microsoft's intelligent cloud revenue jumped 32%, easing spending concerns. Amazon and Apple report today.

Kevin Warsh's press conference drew scrutiny. He claimed markets now react directly to "real economic developments" without Fed mediation, a view the author calls "categorically false." The Fed sets short-term rates; markets must always hypothesize Fed actions. As Bill Dudley noted, markets price what they think the Fed will do, not what it should do.

Warsh's approach risks having markets "force the Fed's hand." After the hold, the two-year yield fell 4 basis points while the 30-year rose 11 basis points, reflecting uncertainty. Three dissents favored rate hikes. The author argues Warsh's description of his policy is "nonsense," making markets' jobs harder, and questions how long his "forward guidance omertà" can last.