Wall Street Isn't Buying Kevin Warsh's Tough Talk

**Guy Adami** (0:00)
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**Dan Nathan** (1:08)
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**Guy Adami** (1:33)
Well, a very warm welcome to the Risk Reversal Podcast. As you can see there, that's Dan Nathan. I'm Guy Adami. People call me G Swizz. Hello, Dan.

**Dan Nathan** (1:42)
You mean like a person calls you G Swizz? You call yourself G Swizz. Yeah, I got you.

**Guy Adami** (1:48)
I want to start by saying on Thursday evenings, the Fast Money Show, Dan was there, it was Dan and I. Brian Sullivan was in the center seat. Tim Seymour was remote from his place out east. And there was a young fan there in the audience. Not that we have an audience, but he was sporting a black t-shirt with my-

**Dan Nathan** (2:07)
Oh my God. Do we get a picture of that?

**Guy Adami** (2:09)
Portrait on it. I think somebody had eyes on that.
And that's the front of the t-shirt. It said like established in Croton on the Hudson, New York. That's my hometown. And on the back of the shirt, he said, I had all the sayings that I use. And there are a myriad of sayings that I have. And he had them all seemingly on the back of his shirt. I thought that was flattering.

**Dan Nathan** (2:29)
I will tell you this, that when I walked up to the set and he was there and I saw you on his shirt, I thought that was very flattering. You should be flattered. And there's other words I could have used to describe that. And I don't think this gentleman thought that I was gonna be there, but he said, hey Dan, I love you and Guy, blah, blah, blah. He goes, I can make a shirt for you too.
And I said, you know what, I'm good. I was good. It is fun to meet folks that are really into the show and the podcast, that sort of thing. So if he's listening today, thank you very much for being here. All right, you and I are recording.

**Guy Adami** (3:01)
No, it's Ryan, I'm not gonna dox him.

**Dan Nathan** (3:03)
No, don't dox him.

**Guy Adami** (3:04)
We're recording, go ahead.

**Dan Nathan** (3:06)
Yeah, we're recording. It's about 11 a.m. Fed Chair Warsh just got done speaking at the, what is it, St. Louis Fed, the KC Fed, one of those feds, confabs out there in Jackson Hole. Someday Guy, you might be invited to speak. Okay.
And so really the expectations were that he was gonna say nothing. And did you think that he said anything?

**Guy Adami** (3:27)
I think he achieved his goal of, you know, basically I think there was some reiteration of some of the things that he had talked about prior to becoming Fed Chair. I think some of the things that he'd been saying during the small duration of his chairmanship. And I just think, you know, he's just sort of saying more of the same. He didn't go off the rails in any way. I don't think he really went out of his way to talk about what's going on at Treasury. So, you know, I think some somewhat status quo. The market is, I think, once again, taking it as a bit of a sigh of relief, I guess. You know, it's amazing here, Dan, with all the things that we talk about. And it is remarkable. You have an S&P 500 that's 70, 7,765, let's just call it.