Warsh is openly auditioning for Fed Chair. His 'reform-oriented' pitch is a direct repudiation of the Powell Fed's framework, blaming 'static models' for the recent inflation debacle. He's signaling a return to a more hawkish, less academic, and more independent institution focused squarely on price stability. A Warsh Fed implies a structurally higher policy floor, a steeper curve, and a stronger USD as the market prices in a more credible inflation fighter.