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Tom Essaye Described The Central Banker As “A Very Glib Man”

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Review & Preview: Warsh’s Credibility

Sevens Report Research’s Tom Essaye told me it felt like Warsh was lecturing market participants about his plans to dial back communication and reshape the central bank. Essaye described the central banker as “a very glib man.”

“I’m not saying that he’s not going to be the greatest Fed chair in the world—maybe he will be—but you’ve introduced a radical change to one of the most important parts of the market,” Essaye said. “It’s not a game. People are trying to not lose money. And we’re trying to manage where interest rates are going, so it just seems to me like a very radical communication alteration.”

Essaye adds that Warsh “lost a little bit of inflation credibility” from the bond market, where some traders are concerned that rising inflation caused by the Iran war could be challenging for the central bank to navigate. Odds of a hike were north of 30% just 20 minutes before the Fed released its decision, according to the CME FedWatch Tool.

Also, click here to view the full article published in Barron’s on July 29th, 2026. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Why Kevin Hassett as Fed Chair Isn’t Automatically Bullish

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What’s in Today’s Report:

  • Why Kevin Hassett as Fed Chair Isn’t Automatically Bullish (Hint: Bond Yields)

Futures are little changed despite more solid tech earnings and positive news for the yen carry trade.

Salesforce (CRM) posted stronger than expected results and continued the run of strong tech earnings this week.

In Japan, yen carry trade worries eased slightly after a strong 30-year JGB auction, which sent the Nikkei sharply higher (up more than 2%).

Today focus will be on labor market data via Jobless Claims (E: 225K) and Challenger Job Cuts (Last 153k).  Slightly underwhelming data will be again welcomed by markets as that will further boost rate cut chances (although very weak readings may stoke economic concerns).

Earnings also continue today and some reports to watch include: DG ($0.92), DOCU ($0.33) and HPE ($0.49).

 

Powell’s Tone Could Add Pressure to Fragile Markets, Says Essaye

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Sevens Report’s Tom Essaye warns that even a mildly hawkish stance from the Fed chair could weigh further on equities.

Stocks Fall as China Retaliation Rattles Traders: Markets Wrap

“Any less-dovish tone from Fed Chair Powell has the potential to add pressure to an already fragile and heavy equity market today,” said Tom Essaye at The Sevens Report.

Also, click here to view the full article published in Bloomberg on October 13th, 2025. However, to see the Sevens Report’s full comments on the current market environment sign up here.

If you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.