Just caught something interesting from the Fed's spring meeting in San Francisco. Mary Daly, the SF Fed president, was basically saying that while Kevin Warsh comes in with his own playbook as the incoming Fed chair, he's going to have to adapt to whatever the economy throws at him. Which honestly makes sense when you think about it.

Daly's point was pretty straightforward—Warsh might have certain strategies and priorities lined up, but the real challenges will depend on what actually happens in the economy. Every Fed chair since Volcker has faced this same reality. You can't just execute a predetermined plan when the world keeps changing.

It's one of those reminders that being Fed chair isn't about sticking to ideology or a fixed agenda. It's about navigating whatever economic conditions emerge. Daly made it clear that the true test of Fed leadership isn't what you plan to do—it's how you respond when things don't go according to plan.

Interesting timing to hear this perspective on the Fed's direction as we move through 2026.