Out with the Old, In with the New: Regime Change at the Federal Reserve

July 8, 2026, Speech: "The ‘regime change’ underway at the Federal Reserve offers an early opportunity to assess how the emerging era may diverge from the previous on several consequential shifts start to take shape. 2 These are, of course, still early days. Over the coming months, the contours of the new regime will become clearer. And unforeseen events may prove as important in defining this era as any deliberate change in strategy, just as the Great Financial Crisis and the Pandemic Crisis defined the previous era. Even so, the direction of travel is sufficiently clear to explore its implications for monetary policy "